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Great Atlantic Resources Raising C$500,000 in Private Placement of Share Units

· 02/05/2021 04:55

09:44 AM EST, 02/05/2021 (MT Newswires) -- Great Atlantic Resources (GR.V) on Friday said it is raising C$0.5 million from a private placement of share units.

The company said it is selling one-million units in the placement, with each priced at C$0.50 and made up of a share and a three-year warrant to buy a second share for C$0.75.

"The company intends to use the net proceeds for exploration at its Golden Promise Gold property in Newfoundland as well as general working capital as well as exploration work on its other assets located in Newfoundland and New Brunswick," it said in a release.

The company's shares last traded Wednesday, closing at C$0.56 on the TSX Venture Exchange.

Price: 0.56, Change: 0.00, Percent Change: 0.00