Great Atlantic Closes $1 Million Financing FOCUSED ON EXPLORING ATLANTIC CANADA
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TSX.v: GR
FRA: PH01
Great Atlantic Closes $1 Million Financing
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FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – February 1 3, 20 20 – GREAT ATLANTIC
RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to
announce that is has closed the second, third and final tranches of the non -brokered private
placement previously announced on January 13, 2020 for gross proceeds of $ 790,000. The units
of the financing are comprised of one common share at a price of $0.50 and a full share purchase
warrant, which may be exercised for a period of 18 months at a price of $0.75 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 $1 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 hold expiry date for the
second tranche of this financing totaling $447,000 is June 7, 2020 and the hold expiry date for
the third tranche of this financing totaling $ 170,000 is June 8, 2020 and the hold expiry date for
the final tranche of this financing totaling $173,000 is June 13, 2020.
The Company paid a cash commission of $ 12,000 and issued 24,000 broker warrants for the
final tranche. The broker warrants have the same terms as the private placement warrants.
The proceeds of the private placement will be used for general working capital and exploration
work on the Company’s properties.
The Company has granted 200,000 stock options at an exercise price of $0.65 to its directors,
officers, employees and c onsultants. The options are exercisable for five years and will be
cancelled 30 days after cessation of acting as director, officer, employee or consultant of the
Company. The stock options are not transferable and will be subject to a four -month hold
period from the date of grant and any applicable regulatory acceptance.
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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 the resource -rich and sovereign risk -free realm of
Atlantic Canada, one of the number one m ining 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 critical elements on the
planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.
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 event s or developments that the Company
expects, are forward looking statements. Although the Company believes the expectations expressed in such forward -looking statements are
based on reasonable assumptions, such statements are not guarantees of future perfor mance 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, c ontinued availability of financing, and general economic, market or business
conditions.
Neither TSX Venture Exchange nor its Regulation 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