Great Atlantic Announces Private Placement For Up To $2.0 Million

Great Atlantic Receives Diamond Drilling Permit For Jaclyn Zone, Golden Promise Gold Property Central Newfoundland
August 18, 2020

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

 

Toronto, ON – September 1, 2020 –Great Atlantic Resources Corp. (“Great Atlantic” or the “Company”) (TSXV:GR), is pleased to announce a non-brokered private placement offering of units of the Company (the “Units”) at a price of $0.50 per Unit (the “Offering Price”) for aggregate gross proceeds of up to $2,000,000 (the “Offering”).

Each Unit will consist of one common share of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant will be exercisable to purchase a Common Share (a “Warrant Share”) at an exercise price of $0.75 per Warrant Share for a period of 36 months following the closing of the Offering.

The Company intends to use approximately $1,100,000 of the net proceeds towards its upcoming property work for its Golden Promise Gold property in Newfoundland primarily for drilling and exploration, as well as general working capital as well as exploration work on its other assets located in Newfoundland and New Brunswick.

The Offering is anticipated to close on or about the week of September 10, 2020 (the “Closing Date” or “Closing”).

In connection with the Offering, the Company shall pay Finder’s Fees equal to 6.0% of the aggregate gross proceeds received by the Company from the sale of Units to the Investors in cash, and compensation options equal to 6.0% of the number of Units sold to the Investors pursuant to the Offering (the “Compensation Options”). Each Compensation Option entitles the holder thereof to purchase one Unit at an exercise price equal to the Offering Price.

The issuance of the Units and payment of the Finder’s Fee is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

 

 

On Behalf of the board of directors

Mr. Christopher R. Anderson “Always be positive, strive for solutions, and never give up”

President CEO Director

604-488-3900 – Dir

 

Investor Relations:

Please call 604-488-3900

 

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.

 

This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

 

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.

 

Great Atlantic Resource Corp

888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4