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Great Atlantic Resources Closes Second Tranche of Financing for a Total To-date of $1,436,500

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Great Atlantic Resources Closes Second Tranche of Financing for a Total To-date of $1,436,500






GREAT ATLANTIC RESOURCES CORP. (TSX-V:GR) (FRA:PH02) is pleased to announce that it has closed the second tranche of a non-brokered private placement originally announced on November 17, 2021, consisting of 390,000 flow-through shares at a price of $0.40 per share for gross proceeds of $156,000. Each Flow-Through unit consists of one common share that qualifies as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act and one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non-flow common share at the price of $0.75 for 36 months after closing.


The net proceeds from the Offering will be used for exploration expenses on the Company’s mineral properties in Atlantic Canada.


The Company paid a cash commission of $1,120. and issued 2,800 finder warrants to Sprott Capital Partners LP. These finder warrants are valid for 3 years from closing with an exercise price of $0.75. The Company also paid a cash commission of $2,800. and issued 7,000 finders units to Research Capital Corporation. The finder units are valid for 3 years from closing and each finder unit is exercisable to purchase one unit (comprised of one common share and one warrant) for $0.40 per unit.


All securities issued in connection with the flow through Offering will be subject to a hold period expiring April 2, 2022. The closing of this private placement financing is subject to final TSX-V approval.


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 December 13, 2021

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