Mr. Christopher Anderson reports
GREAT ATLANTIC RESOURCES CLOSES FIRST TRANCHE OF FINANCING
Great Atlantic Resources Corp. has closed the first tranche of its non-brokered private placement previously announced on May 25, 2020. The placement consisted of 476,191 flow-through shares at a price of 42 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 38,095 finders' warrants to Qwest Investment Fund Management Ltd. The finders' warrants are valid for two years from closing, with an exercise price of 42 cents.
All securities issued in connection with the offering will be subject to a hold period expiring on Sept. 27, 2020.
We seek Safe Harbor.
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