Great Atlantic Resources Corp (TSX-V:GR) said it has closed a second tranche of a previously announced placing, raising C$156,000, making a total to date of C$1.436 million.
In the second tranche, the resource group issued 390,000 flow-through shares at C$0.40 per share for gross proceeds of C$156,000.
Each flow-through unit consists of one share, which qualifies as a 'flow-through share' as defined in the Income Tax Act, and one share purchase warrant. Each whole warrant allows the bearer to buy one additional non-flow common share for C$0.75 for 36 months.
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.
READ: Great Atlantic Resources closes first tranche of a non-brokered private placement for gross proceeds of $1,280,500
All securities issued in connection with the flow-through offering will be subject to a hold period expiring April 2, 2022.
Great Atlantic Resources is a Canadian explorer 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 uses a project generator model, with a special focus on the most critical elements, which are prominent in Atlantic Canada, namely antimony, tungsten and gold.
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