VANCOUVER, BC / ACCESSWIRE / September 25, 2020 / GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the "Company" or "Great Atlantic") is pleased to announce that is has closed the first and final tranches of the non-brokered private placement previously announced on September 1, 2020 for gross proceeds of $2,240,000. The units of the financing are comprised of one common share at a price of $0.50 and a full share purchase warrant, which may be exercised for a period of 36 months at a price of $0.75 per share. The hold expiry date for the first tranche of this financing totaling $1,198,000 is January 17, 2021 and the hold expiry date for the final tranche of this financing totaling $1,042,000 is January 22, 2021
Sitting in the middle of Canada's hottest emerging gold belt is GR's - Golden Promise Project with a 43-101 high grade resource of over 100,000 oz on the upper portion of one vein only. With multiple other gold bearing veins and new targets ready to explore and drill we are very much looking forward to initiating this year's drilling program as soon as possible, and join the company of our neighbours on either side of us Marathon Gold - MOZ.v and New Found Gold - NFG.v to further discover the Gold potential of this belt.
States Christopher R Anderson - CEO Great Atlantic Resources
The Company paid a cash commission of $75,780 and issued 151,560 broker warrants for the financing. 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.
On Behalf of the board of directors
"Christopher R Anderson"
Mr. Christopher R. Anderson "Always be positive, strive for solutions, and never give up"
President CEO Director
604-488-3900 - Dir
Investor Relations:
Please call 604-488-3900
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, Antimony, Tungsten and Gold.
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.
SOURCE: Great Atlantic Resources Corp.
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