VANCOUVER, BC / ACCESSWIRE / February 25, 2021 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR)(FRA:PH01) (the "Company" or "Great Atlantic") is pleased to announce that is has closed the non-brokered private placement previously announced on February 5 and February 11, 2021 for gross proceeds of $675,000, with a lead order from Palisades Goldcorp. Ltd. The units of the financing are comprised of one common share at a price of $0.50 and a full share purchase warrant, which may be exercised for a period of 36 months at a price of $0.75 per share.
The Company paid a cash commission of $15,000 to Glores Securities Inc. and $4,500 Haywood Securities Inc. and $1,200 PI Financial Corp. and $6,600 Canaccord Genuity Corp. The Company also issued 30,000 finder warrants Glores Securities Inc. and 9,000 finder warrants Haywood Securities Inc. and 2,400 finder warrants PI Financial Corp. The broker warrants have the same terms as the private placement warrants.
The proceeds of the private placement will be used for general working capital and exploration work on the Company's properties.
The closing of the private placement financing is subject to final TSX-V approval.
All securities issued in connection with the Offering will be subject to a hold period of June 23, 2021.
About Palisades Goldcorp
Palisades Goldcorp is Canada's resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
On Behalf of the board of directors
"Christopher R Anderson"
Mr. Christopher R. Anderson "Always be positive, strive for solutions, and never give up"
President CEO Director
604-488-3900 - Dir
Investor Relations:
Please call 604-488-3900
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. 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. Great Atlantic is currently surging forward building the company 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.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Great Atlantic Resources Corp.
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