Great Atlantic Funds Boots on the Ground in Newfoundland, South Quarry Tungsten Trenching as well as an Airborne Survey at Golden Trust Next to Equinox
Great Atlantic raises $250,000 to fund exploration activities in Atlantic Canada while its stock consolidates near multi-month lows.
Great Atlantic Resources Corp. has closed a non-brokered private placement of 3,571,430 flow-through units priced at $0.07 per unit. The transaction generated gross proceeds of $250,000, with net proceeds designated for exploration expenses on the company's Atlantic Canada mineral properties.
Each unit consists of one common share qualifying as a flow-through share and one-half share purchase warrant. The warrants are exercisable at $0.07 for 24 months after closing. All securities are subject to a hold period until January 30, 2027.
The company paid a $20,000 cash finder's fee and issued 285,714 finders' warrants to Castlewood Capital Corporation. The transaction remains subject to final approval by the TSX Venture Exchange.
Great Atlantic Resources Corp. (GR) secured a $250,000 financing round, a routine working capital raise typical for early-stage explorers that provides immediate liquidity without materially altering the company's strategic trajectory or asset base. The transaction results in approximately 5.5% dilution on a fully diluted basis, including the new warrants and existing options and warrants.
Proceeds from the offering will directly fund ongoing tungsten trenching at the South Quarry site and gold exploration at the Golden Promise property, aligning with the company's previously announced 2026 work programs. Given the company's thin cash position, the market likely anticipated this funding need, rendering the announcement incremental rather than transformative.
Great Atlantic Resources Corp. (GR) is a project generation company focused on a 30,000-hectare portfolio across Newfoundland and New Brunswick. Its flagship asset is the Golden Promise Gold Property, which covers 16,525 hectares and hosts an inferred resource of 119,900 oz Au at 10.4 g/t, based on a 2018 NI 43-101 report. The company is currently advancing a bulk-sampling program with Novamera Inc. and conducting systematic trenching to expand the Jaclyn Main Zone and other targets.
Other key assets in the portfolio include the South Quarry Tungsten project, noted for high-grade scheelite and emerald potential; the Pilley's Island VMS property, which has been optioned to HM Exploration; Keymet Silver/Base Metals, known for historic high-grade silver intercepts; the Glenelg project, which contains gold, antimony, and vanadium; and the Mount Raymond property, which has been optioned to Slam Exploration. The company’s strategy involves advancing projects through exploration, securing partner funding and earn-ins, and generating resources to attract strategic buyers or joint ventures.