Great Atlantic acquires comprehensive assortment of geological exploration equipment and new drill rig
(via Thenewswire.ca)
VANCOUVER, British Columbia - October 26, 2012 - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) is pleased to announce that it has entered into an agreement to acquire various assets comprising drilling and business equipment from two privately held resource companies by way of an asset purchase and option agreement. Within the package the company acquired two pick-up trucks and an ATV, as well as trailers and several other pieces of equipment that will be utilized in the field such as pumps, generators and various pieces of geological field equipment.
Great Atlantic also plans to execute on its option to acquire the brand new Duralite Diamond drill that has not yet been utilized, which has a depth capacity of 350 meters.
Pursuant to the agreement, i) Great Atlantic will purchase equipment for a purchase price of $80,000 to be paid in cash or by the issuance of 800,000 shares at a deemed price of $0.10 per share; ii) the Company has been granted an option, which it plans to exercise immediately, to purchase a drill for the price of $80,000. As set out in the agreement, the Company will pay for the drill partly in cash totalling $30,000 plus the issuance of 500,000 shares at a deemed price of $0.10 per share.
"Great Atlantic intends to build its geological team and we are taking all the preliminary steps to provide the proper tools of the trade without having to rely on costly rentals or outside sources."
Chris Anderson President
The Company also announces that it has granted options to purchase 500,000 shares to certain consultants and directors of the Company. The options shall be exercisable at a price of $00.15 per share and shall have a term of two years.
About Great Atlantic Resources Corp:
Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral deposits in Atlantic Canada which is a sovereign risk free domain. Recently New Brunswick was announced as the number one mining region in the world. Great Atlantic has assembled the A-team of explorers in the region with decades of experience and known track records for discoveries. Currently the company is propelling forward under a project generation model with a focus on Antimony, Tungsten and Gold.
On Behalf of the board of directors
"Chris Anderson"
Christopher R Anderson,
CEO - President 604 488-3900
Read about Great Atlantic Resources Corp.: http://greatatlanticresources.com/corporate-overview/
Read Disclaimer: http://greatatlanticresources.com/legal-disclaimer/
Facebook: http://facebook.com/GreatAtlanticResources | Twitter: @GreatAtlRes |
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