VANCOUVER, BC / ACCESSWIRE / November 8, 2022 / - GREAT ATLANTIC RESOURCES CORP. (TSXV:GR) (the "Company" or "Great Atlantic") is pleased to announce that it has increased its previously announced non-brokered private placement on October 25, 2022, to 12,857,143 units at a price of $0.035 per unit for gross proceeds of $450,000. The units of the financing will comprise of one common share and a full share purchase warrant, which may be exercised for a period of 5 years at a price of $0.05 per share.
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.
A finder's fee may be paid to eligible finders in accordance with the TSX-V policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offerings and payment of finders' fees are both subject to approval by the TSX-V. The Company is submitting documentation with the TSX Venture Exchange to close the placement.
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.
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