Great Atlantic Announces Closing of $1.45 Million Private Placement BY Mr. Eric Sprott
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.
GREAT ATLANTIC ANNOUNCES CLOSING OF $1.45 MILLION PRIVATE
PLACEMENT BY MR. ERIC SPROTT
Thunder Bay, Ontario – July 30, 2021 – GREAT ATLANTIC RESOURCES CORP. (TSXV:GR)
(the "Company" or "Great Atlantic") , is pleased to announce the closing of its previously
announced non-brokered private placement offering (the “Private Placement”) for aggregate gross
proceeds of $1,450,000 in units of the Company (the “Units”) at a price of $0.50 per Unit. Mr. Eric
Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, subscribed
for the entirety of the Private Placement.
Each Unit shall be comprised of one common share of the Company (a " Common Share") and
one common share purchase warrant of the Company (a "Warrant"). Each Warrant shall entitle the
holder thereof to purchase one Common (a " Warrant Share") at an exercise price equal to $0.75
at any time up to 36 months from closing of the Private Placement.
The Company intends to use the gross proceeds from the sale of Units for drilling and exploration
on the Golden Promise Gold Properties, located in the central Newfoundland gold belt and general
working capital.
The Common Shares and the Warrant Shares to be issued under the Offering have a hold period
of four months and one day from closing of the Offering, November 28, 2021.
Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired
2,900,000 units under the offering for approximate consideration of $1,450,000. Subsequent to the
closing of the offering, Mr. Sprott beneficially owns or controls 4,900,000 common shares of the
Company and 4,900,000 warrants, representing ap proximately 19.9% of the issued and
outstanding common shares of the company on a non -diluted basis and approximately 33.2% of
the issued and outstanding common shares of the company on a partially diluted basis assuming
exercise of all the warrants owned and controlled, including warrants acquired hereunder and
forming part of the units. Prior to the offering, Mr. Sprott beneficially owned or controlled 2,000,000
common shares and 2,000,000 warrants of the Company.
The units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long -term view of
the investment and may acquire additional securities of Great Atlantic Resources, including on the
open market or through private acquisitions, or sell securities of the company, including on the
open market or through private dispositions in the future, depending on market conditions,
reformulation of plans and/or other factors that Mr. Sprott considers relevant from time to time.
A copy of Mr. Sprott's early warning report will appear on Great Atlantic’s profile on SEDAR and
may also be obtained by calling Mr. Sprott's office at 416-945-3294 (200 Bay St., Suite 2600, Royal
Bank Plaza, South Tower, Toronto, Ont., M5J 2J1).
In connection with the Private Placement, the Company paid a finder’s fe e in cash and finder’s
warrants in accordance with the policies of the TSX Venture Exchange.
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 t he 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 cr itical elements on the planet that are
prominent in Atlantic Canada, Antimony, Tungsten and Gold.
Forward-looking statements: 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 express ed 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 Regu lation 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.
Great Atlantic Resource Corp.
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4