Great Atlantic Announces Private Placement for up to $500,000 With a Lead Order From Palisades Goldcorp

VANCOUVER, BC / ACCESSWIRE / February 5, 2021 / Great Atlantic Resources Corp. ("Great Atlantic" or the "Company") (TSXV:GR), is pleased to announce a non-brokered private placement offering of units of the Company at a price of $0.50 per Unit for aggregate gross proceeds of up to $500,000 with a lead order from Palisades Goldcorp Ltd.

Each Unit will consist of one common share of the Company and one common share purchase warrant of the Company. Each Warrant will be exercisable to purchase a Common share at an exercise price of $0.75 per Warrant Share for a period of 36 months following the closing of the Offering.

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.

A finder's fee may be paid to eligible finders in accordance with the TSX-V policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offerings and payment of finders' fees are both subject to approval by the TSX-V.

About Palisades Goldcorp

Palisades Goldcorp is Canada's resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.

On Behalf of the board of directors

Mr. Christopher R. Anderson "Always be positive, strive for solutions, and never give up"

President CEO Director
604-488-3900 - Dir
Investor Relations:
Please call 604-488-3900

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, one of the number one mining regions of the world. 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 differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

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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.

SOURCE: Great Atlantic Resources Corp.