Great Atlantic Resources Corp (TSX-V:GR) said it has closed the final tranche of its previously announced non-brokered private placement for gross proceeds of $439,000, bringing the total gross proceeds from the placement to $816,500.
The company said the proceeds of the private placement would be used for general working capital and exploration work on its properties in Atlantic Canada.
The private placement consisted of 8,165,000 units at a price of $0.10 per unit. Each unit comprises of one share and a full share purchase warrant which may be exercised for a period of five years at a price of $0.12 per share.
READ: Great Atlantic Resources begins exploration program at the past-producing Keymet project in New Brunswick
Great Atlantic said it paid a cash commission of $4,800 to Canaccord Genuity (TSX:CF, LSE:CF) Corp, $2,000 to EMD Financial Inc, and $720 to Sprott Capital Partners.
The company also issued 48,000 finder warrants to Canaccord Genuity with the same terms as the private placement warrants and 16,000 finder warrants to EMD Financial Inc which are valid for two years.
Great Atlantic is 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.
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