Great Atlantic Resources Financing Oversubscribed
Vancouver, British Columbia (FSCwire) – Great Atlantic Resources Corp. (TSXV: GR) (the “Company” or “Great Atlantic”) is pleased to announce that is has closed the non-brokered flow-through private placement previously announced on October 2, 2017. The original amount announced on October 2, 2017 was for $500,000 however the financing was oversubscribed for gross proceeds totalling $620,860. The flow through units consist of one common share that qualifies as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act and one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 60 months from the date of issue, one additional non-flow-through common share of the Issuer at an exercise price of Cdn$0.22 per share. The term of the warrants may be accelerated in the event that the issuer’s shares trade at or above a price of $0.35 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice. The Company announces February 17, 2018 as the hold period expiry date for the private placement.
The Company paid a cash commission of $33,886.00 to EMD Financial Inc. and $26,400.00 to Leede Jones Gable Inc and issued 188,255 broker warrants to EMD Financial Inc. and 146,666 broker warrants to Leede Jones Gable Inc. The broker warrants have the same terms as the private placement warrants.
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