The Prospector News

GREAT ATLANTIC COMPLETES $2.0 MILLION OFFERING BACKED BY MR. ERIC SPROTT

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

GREAT ATLANTIC COMPLETES $2.0 MILLION OFFERING BACKED BY MR. ERIC SPROTT

 

 

 

 

 

Great Atlantic Resources Corp. (TSX-V:GR) is pleased to announce that it has closed its private placement offering for aggregate gross proceeds of approximately $2,060,000, consisting of: (i) $1,360,000 in flow-through units of the Company at a price of $0.68 per FT Unit, and (ii) $700,000 in units of the Company at a price of $0.50 per Unit.

 

 

Each FT Unit is comprised of one common share of the Company that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and one common share purchase warrant of the Company. Each Unit is comprised of one common share of the Company and one Warrant. Each Warrant entitles the holder to purchase one Common at an exercise price equal to $0.75 at any time up to 36 months from closing of the Offering.

 

 

The gross proceeds from the sale of FT Units (other than the minimal amount allocable to the Warrants) will be used for exploration expenses on the Company’s mining projects as permitted under the Tax Act to qualify as Canadian Exploration Expenses as defined in the Tax Act. The FT Common Shares, Common Shares and the Warrant Shares to be issued under the Offering have a hold period of four months and one day closing of the Offering.

 

 

In a second-step transaction, and part and parcel of the completion of the Offering, Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 2,000,000 Units for approximate consideration of $1,000,000.  Subsequent to the closing of the offering, Mr. Sprott beneficially owns or controls 2,000,000 Common Shares of the Company and 2,000,000 Warrants, representing approximately 9.2% of the issued and outstanding common shares of the Company on a non-diluted basis and approximately 16.9% of the issued and outstanding common shares of the Company on a partially diluted basis, assuming exercise of the Warrants forming part of the Units acquired. Prior to the offering, Mr. Sprott did not beneficially own or control any securities of the Company.

 

 

The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Great Atlantic Resources, including on the open market or through private acquisitions, or sell securities of the company, including on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other factors that Mr. Sprott considers relevant from time to time.

 

 

A copy of Mr. Sprott’s early-warning report will be filed under Great Atlantic’s profile on SEDAR and may also be obtained by calling Mr. Sprott’s office at 416-945-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario  M5J 2J1).

 

 

In connection with the Offering, the Company issued Units and broker warrants to a finder. Each broker warrant is exercisable to acquire one Unit at $0.50 per Unit for a period of 36 months from the issuance date thereof.

 

About Great Atlantic Resources Corp.

 

Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.

 

 

 

Posted June 11, 2021

Share this news article

MORE or "UNCATEGORIZED"


BWR Exploration Inc. Receives Assays confirming Nickel and Copper Mineralization in 4 drill holes at its Wholly-Owned Vendôme Sud Project, Abitibi Region of Quebec

BWR Exploration Inc. (TSX-V: BWR) is pleased to announce receipt... READ MORE

September 20, 2021

World Copper Signs Definitive Agreement for the Acquisition of Cardero Resource Corp.

World Copper Ltd. (TSX-V: WCU) (OTCQB: WCUFF) announces that, fu... READ MORE

September 20, 2021

Kenorland Minerals Options South Uchi Project to Barrick Gold Corporation

Kenorland Minerals Ltd. (TSX-V: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) i... READ MORE

September 20, 2021

Equinox Gold Announces Positive Pre-Feasibility Study for Aurizona Expansion and 73% Increase to Mineral Reserves

Peak Annual Production over 160,000 oz of Gold Average Annual Pro... READ MORE

September 20, 2021

Magna Mining Reports a New Nickel - Copper - PGM Discovery at the Shakespeare Project, Ontario, Canada

Magna Mining Inc. (TSX-V: NICU) is pleased to provide assay resul... READ MORE

September 20, 2021

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2021 The Prospector News