Agoracom Blog

$GR.ca Great Atlantic Commences 2018 Exploration Program – Golden Promise Gold Property – Central Newfoundland

Posted by AGORACOM-Eric at 10:05 AM on Thursday, May 31st, 2018

 

  • Cash payment of $25,000 and issuance of 75,000 shares upon signing a definitive agreement (Paid and Issued);
  • Issue $50,000 in shares on the 12-month anniversary of the definitive agreement; the number of shares to be issued will be based on the 10 day VWAP immediately prior to the anniversary date; and
  • Explorex will incur a total expenditure of $750,000 (including all underlying payments) over a period of 4 years; of which $100,000 will be a firm commitment on or before the first anniversary of the definitive agreement.

Vancouver, British Columbia (FSCwire)GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce that Explorex Resources Inc (CSE-EX) has executed the Option Agreement to acquire a 75% interest in the Kagoot Brook Cobalt Project in New Brunswick (“Kagoot Brook”) from Great Atlantic. Furthermore, Explorex is planning to perform a comprehensive exploration program this summer.

Option Agreement

The Kagoot Brook property, is 100% owned by Great Atlantic and is subject to an underlying agreement with a prospecting syndicate.  The agreement to acquire a 75% interest in the Project is subject to the following terms:

  • Cash payment of $25,000 and issuance of 75,000 shares upon signing a definitive agreement (Paid and Issued);
  • Issue $50,000 in shares on the 12-month anniversary of the definitive agreement; the number of shares to be issued will be based on the 10 day VWAP immediately prior to the anniversary date; and
  • Explorex will incur a total expenditure of $750,000 (including all underlying payments) over a period of 4 years; of which $100,000 will be a firm commitment on or before the first anniversary of the definitive agreement.

Upon earning 75% of the project, the parties will enter into a joint venture.  The terms will provide for a pro-rata dilution such that should Great Atlantic’s interest drop below 5%, it will revert to a 3% NSR.  Explorex will retain the right to buyback 2 percentage points at $ 1 million for each 1%, or portion thereof.  Should Great Atlantic seek to sell any portion of the remaining NSR, Explorex will retain a first right of refusal.

For additional details on the Kagoot Brook Project refer to Company news release dated February 14, 2018 or visit the Company’s website at www.greatatlanticresources.com

On Behalf of the board of directors

“Christopher R Anderson”

President CEO Director

604-488-3900 – Dir

Investor Relations:

Kaye Wynn Consulting Inc.: 604-558-2630, Toll Free: 888-280-8128

E-mail: [email protected]

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,. 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.

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