Great Atlantic Resources Corp (TSX-V:GR) said it has increased its previously announced non-brokered private placement 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 five years at a price of $0.05 per share.
The placement was previously announced on October 25, 2022.
READ: Great Atlantic Resources kicks off 2022 exploration at six of its gold properties in Newfoundland
The company anticipates that approximately 60% of the proceeds will be used for exploration expenditures related to the Golden Promise gold property in Newfoundland and work on its other properties located in Newfoundland and New Brunswick.
Approximately 30% will be used for working capital and general corporate purposes and 10% will be used to pay management fees to company officers and directors, it added.
Great Atlantic Resources is a project generator with a special focus on critical elements prominent in Atlantic Canada: gold, copper, zinc, nickel, cobalt, antimony, and tungsten.
Contact the author at jon.hopkins@proactiveinvestors.com