Great Atlantic Resources Corp (TSX-V:GR) said it has closed the first tranche of a non-brokered private placement originally announced on November 17, 2021, consisting of 3,201,250 flow-through shares at a price of $0.40 per share for gross proceeds of $1,280,500.
Each flow-through unit consists of one common share that qualifies as a "flow-through share" and one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non-flow common share at the price of $0.75 for 36 months after closing.
The company said that the net proceeds from the offering will be used for exploration expenses on the company's mineral properties in Atlantic Canada.
Great Atlantic Resources said it paid a cash commission of $70,000 and issued 175,000 finders warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for 3 years from closing with an exercise price of $0.40.
The company also paid a cash commission of $2,800 and issued 7,000 finder warrants to Haywood Securities Inc. and paid a cash commission of $7,385 and issued 18,463 finder warrants to Arthur Perna. These finder warrants are valid for three years from closing with an exercise price of $0.75
All securities issued in connection with the flow-through offering will be subject to a hold period expiring March 25, 2022. The closing of this private placement financing is subject to final TSX-V approval.
Great Atlantic Resources 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.
The company is currently 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.
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