Great Atlantic’s Optionee Planning to Explore the Kagoot Brook Cobalt Project, New Brunswick __________________________________________________________________ FOCUSED ON EXPLORING ATLANTIC CANADA
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Great Atlantic’s Optionee Planning to Explore the
Kagoot Brook Cobalt Project, New Brunswick
__________________________________________________________________
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – May 3 1, 201 8 – GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce that Explore x
Resources Inc (CSE-EX) has executed the Option Agreement to acquire a 75% interest in the Kagoot
Brook Cobalt Project in New Brunswick ( “Kagoot Brook”) from Great A tlantic. Furthermore, Explorex
is planning to perform a comprehensive exploration program this summer.
Option Agreement
The Kagoot Brook property, is 100% owned by Great Atlantic and is subject to an underlying
agreement with a prospecting syndicate. The agreement to acquire a 75% interest in the Project
is subject to the following terms:
Cash payment of $25,000 and issuance of 75,000 shares upon signing a definitive
agreement (Paid and Issued);
Issue $50,000 in shares on the 12 -month anniversary of the definitive agreement; the
number of shares to be issued will be based on the 10 day VWAP immediately prior to
the anniversary date; and
Explorex will incur a total expenditure of $750,000 (including all underlying payments)
over a period of 4 years; of which $100,000 will be a firm commitment on or before the
first anniversary of the definitive agreement.
Upon earning 75% of the project, the parties will enter into a joint venture. The terms will
provide for a pro -rata dilution such that should Great Atlantic’s interest drop below 5%, it will
revert to a 3% NSR. Explorex will retain the right to buyback 2 percentage p oints at $ 1 million
for each 1%, or portion thereof. Should Great Atlantic seek to sell any portion of the remaining
NSR, Explorex will retain a first right of refusal.
For additional details on the Kagoot Brook Project refer to Company news release date d
February 14, 2018 or visit the Company’s website at www.greatatlanticresources.com
On Behalf of the board of directors
“Christopher R Anderson”
President CEO Director
604-488-3900 – Dir
Investor Relations:
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Kaye Wynn Consulting Inc.: 604-558-2630, Toll Free: 888-280-8128
E-mail: [email protected]
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,. 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 events 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 performance and actual results or developments may differ
materially from those in forward -looking statements. Factors that could cause actual results to diffe r 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 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