GREAT ATLANTIC RESOURCES CORP. (TSX-V:GR) (FRA:PH01) is pleased to announce that is has closed the non-brokered private placement previously announced on February 5 and February 11, 2021 for gross proceeds of $675,000, with a lead order from Palisades Goldcorp. Ltd. The units of the financing are comprised of one common share at a price of $0.50 and a full share purchase warrant, which may be exercised for a period of 36 months at a price of $0.75 per share.
The Company paid a cash commission of $15,000 to Glores Securities Inc. and $4,500 Haywood Securities Inc. and $1,200 PI Financial Corp. and $6,600 Canaccord Genuity Corp. The Company also issued 30,000 finder warrants Glores Securities Inc. and 9,000 finder warrants Haywood Securities Inc. and 2,400 finder warrants PI Financial Corp. The broker warrants have the same terms as the private placement warrants.
The proceeds of the private placement will be used for general working capital and exploration work on the Company’s properties.
The closing of the private placement financing is subject to final TSX-V approval.
All securities issued in connection with the Offering will be subject to a hold period of June 23, 2021.
About Palisades Goldcorp
Palisades Goldcorp is Canada’s resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
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