Mr. Christopher Anderson reports
GREAT ATLANTIC RESOURCES CLOSES FINANCING
Great Atlantic Resources Corp. has closed its non-brokered private placement previously announced on Oct. 31, 2019. The placement consisted of 421,053 flow-through shares at a price of 47.5 cents per share for gross proceeds of $200,000. Each flow-through share consists of one common share that qualifies as a flow-through share as defined in Subsection 66(15) of the Income Tax Act.
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 $16,000 and issued 33,684 finder warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for two years from closing, with an exercise price of 47.5 cents. All securities issued in connection with the offering will be subject to a hold period expiring March 5, 2020.
About Great Atlantic Resources Corp.
Great Atlantic 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 No. 1 mining regions of the world. Great Atlantic is currently surging forward in building the company by using 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.
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