Great Atlantic Resources Closes Financing __________________________________________________________________________________ A PROJECT GENERATOR - FOCUSED ON ANTIMONY, TUNGSTEN AND GOLD
VANCOUVER, British Columbia – September 30, 2013 – GREAT ATLANTIC RESOURCES CORP.
(TSXV.GR) is pleased to announce that it has closed a non-brokered private placement of 3,350,000 units at a price of two cents ($0.02) per unit for gross proceeds of $67,000. Each unit consists of one common share and one share purchase warrant which may be exercised for a period of 24 months at a price of $0.05 per share in the first year with a forced conversion if the Issuer’s shares trade over $0.07 for 10 consecutive days and at a price of $0.10 per share in the second year with a forced conversion if the Issuer’s shares trade over $0.14 for 10 consecutive days.
The private placement is in reliance on the temporary relief measures established by the TSX Venture Exchange, and is being conducted in accordance with the temporary relief criteria set out in the exchange's bulletin of April 12, 2013, in relation to the extension and modification of temporary relief from certain pricing requirements. This private placement has been approved by the company's board of directors, excluding those directors that may have a direct interest in the private placement.
The proceeds from the sale of the units will be used as follows:
- Exploration consultants: $20,000;
- Legal costs: $5,000;
- Annual general meeting costs: $2,000;
- Maintain interests in Keymet, Porcupine, South Quarry and West Gore projects via option payments and assessment filings: $40,000;
- Total: $67,000
The company confirms that no funds raised as part of the private placement will be used to pay any liabilities owed to any related parties in this closing.
The shares issued with respect to the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
About Great Atlantic Resources Corp:
Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral deposits in Atlantic Canada which is a sovereign risk free domain. Currently the company is propelling forward under a project generation model with a focus on Antimony, Tungsten and Gold.
On Behalf of the board of directors
604 488-3900
Read about Great Atlantic Resources Corp.: http://greatatlanticresources.com/corporate-overview/
Read Disclaimer: http://greatatlanticresources.com/legal-disclaimer/
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