Great Atlantic Resources Corp (TSX-V:GR). said it has closed the final tranche of a non-brokered private placement originally announced on November 17, 2021, consisting of 150,000 flow-through units at a price of $0.40 each for gross proceeds of $60,000.
The net proceeds from the offering will be used for exploration expenses on the company's mineral properties in Atlantic Canada.
Each unit consists of one common share that qualifies as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act 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.
READ: Great Atlantic Resources raises C$156,000 in second tranche of placing and C$1.436M to date
All securities issued in connection with the flow-through offering will be subject to a hold period expiring April 24, 2022. The closing of this private placement financing is subject to final Toronto Venture Exchange approval.
Christopher Anderson a director and/or officer of the company, participated in the offering constituting a related party transaction.
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.
Contact the author at jon.hopkins@proactiveinvestors.com