Great Atlantic Closes $1 Million Financing

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Feb 13, 2020
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VANCOUVER, BC / ACCESSWIRE / February 13, 2020 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR, Financial)(FRANKFURT:PH01) (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.