Business
Great Atlantic Closes Financing
VANCOUVER, BC / ACCESSWIRE / July 27, 2022 / GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the "C...
About this update from Great Atlantic Resources Corp.
[{"type":"text","content":"Great Atlantic Closes FinancingVANCOUVER, BC / ACCESSWIRE / July 27, 2022 / GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the \"Company\" or \"Great Atlantic\") is pleased to announce that is has closed the final tranche of the non-brokered private placement previously announced on June 16, 2022 and June 27, 2022 and July 11, 2022 for gross proceeds of $439,000. The total gross proceeds raised for this placement is $816,500. The private placement consisted of 8,165,000 units at a price of $0.10 per unit. Each unit of the financing will comprise of one common share and a full share purchase warrant, which may be exercised for a period of 5 years at a price of $0.12 per share.The final tranche of the non-brokered private placement consisted of 4,390,000 units and gross proceeds of $439,000. The Company 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. The finder warrants issued to Canaccord Genuity Corp. have the same terms as the private placement warrants and the finder warrants issued to EMD Financial Inc. are valid for 2 years.All securities issued in connection with the final tranche of the Offering will be subject to a hold period of November 22, 2022.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.Christopher Anderson a director and/or officer of the Company, participated in the Offering constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.On Behalf of the board of directors\"Christopher R Anderson\"Mr. Christopher R. Anderson President CEO Director 604-488-3900 - OfficeInvestor Relations: Andrew Job 1-416...