Good for Eric = good for us! NL the place to be drilling with great results at every turn! Tightly held with low float so SP rising fast.
Up to $1,360,000 will be raised from the placement of up to 2 million flow-through units priced at $0.68 per unit, with another $700,000 to be raised from the placement of up to 1,400,000 regular units priced at $0.50 per unit. Both units will consist of 1 share and 1 warrant, with the warrant exercisable at $0.75 for 36 months.
Subject to and concurrently with the completion of this private placement, Eric Sprott, through 2176423 Ontario Ltd., which is beneficially owned by Mr. Sprott, has agreed to be a back-end purchaser of common shares issued in connection with this private placement.
Great Atlantic, with a number of properties in the Atlantic provinces, is utilizing a Project Generation model, with a special focus on critical elements which are prominent in Atlantic Canada, such as Antimony, Tungsten and Gold. The company is particularly active in the central Newfoundland, where the company has several properties, with the Golden Promise Gold Property being the most advanced, highest priority and largest property.
The Jaclyn Zone, located within the northern region of the Golden Promise Property, hosts five gold bearing quartz veins systems, being the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones.