Great Atlantic Resources Corp. enters into an Option Agreement with Fort St. James Nickel Corp.
22.08.2017 | FSCwire
Vancouver - Great Atlantic Resources Corp. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce that it has signed an option agreement (the “Agreement”) with Fort St. James Nickel Corp. (TSX-V: FTJ.H) (“FTJ” or the “Company”), under which FTJ may acquire 100% of GR’s Porcupine property (the “Property”) located in New Brunswick (the “Transaction”).Under the Agreement, FTJ may earn-in a 100% interest in the Property by making an immediate $15,000 cash payment and 500,000 share payment of common shares in the capital of FTJ to GR within five (5) days of the TSXV approval of the Transaction followed by $135,000 in cash payments over four years and $425,000 in common shares over corresponding four-year period. FTJ will also be required to spend $1,000,000 in exploration expenditures on the Property over a four (4) year period with a minimum of $150,000 each year.
GR will retain a 2.0% new smelter return royalty (the “NSR Royalty”) which FTJ may buy down one-half (50%) of the NSR Royalty by paying $1,000,000, leaving GR with 1.0%.
The Transaction is subject to, among other things, the completion of a National Instrument 43-101 technical report on the Property, and obtaining all necessary regulatory approvals, including the TSXV.
ON BEHALF OF THE BOARD
Christopher R. Anderson
President, Great Atlantic Resources Corp.
About Great Atlantic Resources Corp.:
Great Atlantic is a Canadian exploration company focused on the discovery and development of mineral assets in Atlantic Canada. The company 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.
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.
Great Atlantic Resource Corp
888 Dunsmuir Street - Suite 888
Vancouver, B.C., V6C 3K4
Source: Great Atlantic Resources Corp. (TSX Venture:GR)
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