- Great Atlantic Resources Corp. (GR) has closed the final tranche of a non-brokered private placement
- The company raised gross proceeds $816,500 from the placement
- The private placement consisted of 8,165,000 units at a price of $0.10 per unit
- The company will use the proceeds of the private placement for general working capital and exploration work on its properties
- Great Atlantic Resources Corp. is engaged in the acquisition, exploration, and evaluation of its mineral property interests located in Atlantic Canada.
- Great Atlantic Resources Corp. was unchanged at $0.085 at 9:30 AM ET
Great Atlantic Resources Corp. (GR) has closed the final tranche of the non-brokered private placement.
The final tranche of the non-brokered private placement consisted of 4,390,000 units and gross proceeds of $439,000.
The company raised total gross proceeds $816,500 from the placement.
The private placement consisted of 8,165,000 units at a price of $0.10 per unit.
Each unit will consist of one common share and one share purchase warrant, which may be exercised for a period of 5 years at a price of $0.12 per share.
Great Atlantic Resources Corp. paid a cash commission of $4,800 to Canaccord Genuity Corp. and $2,000 to EMD Financial Inc. and $720 to Sprott Capital Partners. The company also issued 48,000 finder warrants to Canaccord Genuity Corp. and 16,000 finder warrants to EMD Financial Inc.
All securities issued in connection with the final tranche of the offering will be subject to a hold period of November 22, 2022.
Great Atlantic Resources Corp. will use the proceeds of the private placement for general working capital and exploration work on its properties.
The closing of the private placement financing is subject to final approval of the Toronto Stock Exchange Venture.
Great Atlantic Resources Corp. is engaged in the acquisition, exploration, and evaluation of its mineral property interests located in Atlantic Canada.
Great Atlantic Resources Corp. was unchanged at $0.085 at 9:30 AM ET.
