ACCESS Newswire
24 Nov 2022, 02:13 GMT+10
VANCOUVER, BC / ACCESSWIRE / November 23, 2022 / GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the 'Company' or 'Great Atlantic') is pleased to announce that is has closed the non-brokered private placement previously announced on October 25 and November 4 and November 8, 2022 by issuing 13,571,428 units for gross proceeds of $475,000. The placement was oversubscribed by $25,000. The units of the financing are comprised of one common share at a price of $0.035 and a full share purchase warrant, which may be exercised for a period of 60 months at a price of $0.05 per share.
The Company paid a cash commission of $7,000 to Glores Securities Inc. and $7,761 Canaccord Genuity Corp. and $2,800 to EMD Financial Inc. and $560 to Sprott Capital Partners.
The Company also issued 200,000 finder warrants Glores Securities Inc. and 221,760 finder warrants to Canaccord Genuity Corp. and 64,000 finder warrants to EMD Financial Inc. The finder warrants issued to Glores Securities Inc. and Canaccord Genuity Corp. have the same terms as the private placement warrants and the finder warrants issued to EMD Financial Inc. are valid for 2 years.
The Company anticipates that approximately 60 percent of the aggregate proceeds raised under the offering will be used for exploration expenditures related to the Company's Golden Promise gold property in Newfoundland and work on its other properties located in Newfoundland and New Brunswick. Approximately 30 percent will be used for working capital and general corporate purposes and 10 percent will be used to pay management fees to Company officers and directors.
All securities issued in connection with the Offering will be subject to a hold period of March 17, 2023.
The closing of the private placement financing is subject to final TSX-V approval.
Christopher Anderson a director and/or officer of the Company, participated in the Offering constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.
On Behalf of the board of directors
'Christopher R Anderson'
Mr. Christopher R. Anderson
President CEO Director
604-488-3900 - Office
Investor Relations: IR @ GreatAtlanticResources.com
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
SOURCE: Great Atlantic Resources Corp.
Get a daily dose of Detroit Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Detroit Star.
More InformationMOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
(Photo credit: Gary C. Klein/USA TODAY NETWORK-Wisconsin / USA TODAY NETWORK via Imagn Images) Scott Dixon extended a remarkable...
(Photo credit: Ken Blaze-Imagn Images) Trey Sweeney and Riley Greene each belted homers in the 10th inning and Tarik Skubal threw...
(Photo credit: Bruce Kluckhohn-Imagn Images) The Washington Wizards completed a three-team trade on Sunday, acquiring guard CJ McCollum,...
(Photo credit: Ken Blaze-Imagn Images) Cleveland Guardians outfielder Lane Thomas returned to the 10-day injured list on Sunday because...
(Photo credit: Lon Horwedel-Imagn Images) Tigers left-hander Tarik Skubal's quest for a second straight American League Cy Young...
(Photo credit: Patrick Breen/The Republic / USA TODAY NETWORK via Imagn Images) Arizona's Corbin Carroll was 0-for-5 in his return...