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Great Atlantic Resources Corp (3)
Symbol GR
Shares Issued 9,768,750
Close 2020-07-14 C$ 0.385
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Great Atlantic extends warrants by 24 months to 2022

2020-07-14 16:05 ET - News Release

Mr. Christopher Anderson reports


Great Atlantic Resources Corp. has received approval from the TSX Venture Exchange to extend the term of an aggregate of 1.14 million outstanding common share purchase warrants that were issued pursuant to a non-brokered private placement, which closed a first tranche on July 31, 2018, and a final tranche on Aug. 14, 2018, pursuant to which 1.14 million units were sold at 50 cents per unit for gross proceeds of $570,000. The purchase warrants entitled the holder to purchase one common share of the company at a price of 75 cents per common share. Four hundred thousand share purchase warrants were scheduled to expire on July 31, 2020, and 740,000 were scheduled to expire on Aug. 14, 2020. Insiders purchased 200,000 units, and they own 200,000 warrants, representing 17.55 per cent of these outstanding warrants issued pursuant to this private placement. The company received approval from the TSX-V to extend the expiry date of the warrants by an additional 24 months, such that 400,000 share purchase warrants are now scheduled to expire on July 31, 2022, and 740,000 are scheduled to expire on Aug. 14, 2022.

The exercise price of all warrants will remain unchanged, at the current exercise price of 75 cents per common share. No warrants under the private placement have been exercised to date.

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, 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.

We seek Safe Harbor.

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