VANCOUVER, British Columbia – July 11, 2022 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce that is has closed the first tranche of the non-brokered private placement previously announced on June 16, 2022 and June 27, 2022 consisting of 3,775,000 units and gross proceeds of $377,500. The private placement consisted of units at a price of $0.10 per unit. Each unit of the financing will comprise of one common share and a full share purchase warrant, which may be exercised for a period of 5 years at a price of $0.12 per share.
The Company paid a cash commission of $8,750 to Glores Securities Inc. and $6,800 to Haywood Securities Inc. and $2,200 to PI Financial Corp. The Company also issued 87,500 finder warrants Glores Securities Inc. and 68,000 finder warrants Haywood Securities Inc., and 22,000 finder warrants PI Financial Corp. The finder warrants have the same terms as the private placement warrants.
All securities issued in connection with the first tranche will be subject to a hold period of October 29, 2022.
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.
On Behalf of the board of directors
“Christopher R Anderson”
Mr. Christopher R. Anderson
President CEO Director
604-488-3900 – Office
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, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.
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