Great Atlantic Signs Option Agreement on
the Southern Golden Promise Project,
the Pilley’s Mine Project, and the Point Leamington Property
FOCUSED ON EXPLORING ATLANTIC CANADA
Vancouver, British Columbia – May 3, 2017 – Great Atlantic Resources Corp. (TSXV: GR) (the “Company” or “Great Atlantic”) is pleased to announce that it has signed an option agreement (the “Agreement”) with Unity Resources Inc. (“Unity”) under which Great Atlantic may acquire from Unity 100% of mining claims compromising the Pilley’s Mine Project, the Southern Golden Promise Project and the Point Leaminington Project (collectively, the “Property”), which are located in central Newfoundland (the “Transaction”).
Under terms of the Agreement, Great Atlantic may acquire 100% of the Property by making certain staged cash and share payments of common shares in Great Atlantic to Unity over a five year period equal to a total of $80,000 in cash and/or share payments, in addition to an initial issuance of 1,000,000 common shares of Great Atlantic within ten days of TSX Venture Exchange (“TSXV”) approval of the Agreement.
Under terms of the Agreement for each year’s payment, Great Atlantic will make the decision as to pay Unity either cash and/or equivalent value common shares calculated based on the 10-day volume weighted average price of Great Atlantic’s common shares, subject to a minimum price of $0.05 per common share.
Unity will retain a 3% net smelter return royalty (the “NSR Royalty”), payable on the commencement of commercial production, which Great Atlantic may buy down a maximum of 2% of the NSR Royalty from Unity at any time by payment to Unity of $500,000 for each 1%, leaving Unity with a minimum of 1% remaining NSR Royalty.
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in Atlantic Canada. Great Atlantic is currently building the company, with a focus on antimony, tungsten and gold.
On Behalf of the board of directors
Forward Looking Information
This news release may contain forward-looking statements within the meaning of applicable securities law, including but not limited to the Transaction including the terms thereof, comments regarding the timing and content of upcoming work programs, and geological interpretations. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the transaction with Unity will be successful.
Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals and metals being targeted by the Company will be sustained or will improve; the Company’s current exploration programs and objectives can be achieved; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; potential defects in title to the Company’s properties; fluctuations in currency exchange rates; fluctuating prices of commodities and metals; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company’s public filings. These risks, as well as others, could cause actual results and events to vary significantly. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, failure of counterparties to perform their contractual obligations and fees charged by service providers. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.