Great Atlantic Resources Corp. (TSXV: GR) today reported that the company has closed its private placement offering for total gross proceeds of approximately $2,060,000. The offering consisted of $1,360,000 in flow-through units of Great Atlantic at a price of $0.68 per FT Unit, and $700,000 worth of units at a price of $0.50 per unit.
Flow through units consists of a flow through share of the company and one common share purchase warrant. Each unit consists of one common share of Great Atlantic and one warrant, with each warrant granting the holder the ability to purchase one common share at an exercise price of $0.75 at any time within the warrant’s 36 month expiration.
Eric Sprott is said to have acquired 2,000,000 units for total consideration of $1,000,000. Mr. Sprott now holds 2,000,000 common shares of Great Atlantic and 2,000,000 warrants, an amount that represents near to 16.9% of the issued and outstanding common shares of the company on a partially diluted basis, and 9.2% of the issued and outstanding common shares of the company on a non-diluted basis.
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The proceeds of the offering are to be used for exploration expenses on the company’s mining projects.
Great Atlantic Resources Corp. last traded on the TSX Venture at $0.70.
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