Mr. Christopher Anderson reports
GREAT ATLANTIC CLOSES $1 MILLION FINANCING
Great Atlantic Resources Corp. has closed the second, third and final tranches of the non-brokered private placement previously announced on Jan. 13, 2020, for gross proceeds of $790,000. The units of the financing comprise one common share at a price of 50 cents and a full share purchase warrant, which may be exercised for a period of 18 months at a price of 75 cents per share. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $1 per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice. The hold expiry date for the second tranche of this financing totalling $447,000 is June 7, 2020, and the hold expiry date for the third tranche of this financing totalling $170,000 is June 8, 2020, and the hold expiry date for the final tranche of this financing totalling $173,000 is June 13, 2020.
The company paid a cash commission of $12,000 and issued 24,000 broker warrants for the final tranche. The broker warrants have the same terms as the private placement warrants.
The proceeds of the private placement will be used for general working capital and exploration work on the company's properties.
The company has granted 200,000 stock options at an exercise price of 65 cents to its directors, officers, employees and consultants. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the company. The stock options are not transferable and will be subject to a four-month hold period from the date of grant and any applicable regulatory acceptance.
About Great Atlantic Resources Corp.
Great Atlantic Resources 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.
We seek Safe Harbor.
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