GR Great Atlantic Resources Corp

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED
STATES


Ecometals Limited (the "Company") (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) is
announcing the closing of a non-brokered private placement for 695,000 units of
securities of the Company (each, a "Unit") at a price of CDN$0.22 per Unit for
gross proceeds of CDN$152,900 (the "Offering"). Each Unit consists of one common
share and one half common share purchase warrant (each, a "Warrant"). Each
Warrant will entitle the holder to purchase one common share of the Company at a
price of CDN$0.40 for an 18 month period after the issuance thereof. The
securities issued in the Offering are subject to a four month hold period
beginning upon their issuance. There is also an acceleration option attached
which entitles the Company to request early exercise of the Warrants if the
share price exceeds CDN$0.65 in the preceding 10 business days (the
"Acceleration Period") within 5 business days after the Acceleration Period. The
gross proceeds from the Offering will be used for working capital purposes. The
Units and Warrants issued in the Offering are subject to a four month hold
period expiring on August 8, 2011. 


In connection with the Offering, the Company has also issued 55,600 Units (the
"Finder's Units") in lieu of a cash finder's fee representing 8% of the gross
proceeds raised from the subscribers that were introduced to the Company by
General Research Gmbh ("GR"). Each Finder's Unit consists of one common share
and one-half of one non-transferable Warrant and is subject to a four month hold
period expiring on August 9, 2011.


The Company opened the Placing through a price reservation filed with the TSXV
on March 1st, 2011 conditionally accepted by the TSXV on April 4th, as an
ancillary financing alternative to its recently announced sale of the Company's
mineralised manganese material business in Brazil which at that time was by no
means clear would proceed to a joint agreement between the Company and the
Purchaser. In the event, the Company was able to move to a conclusion on that
agreement and therefore efforts to advance the placing process were suspended
early resulting in the relatively low placement. Any information regarding the
Offering should be directed to the contact names below.


The Company also wishes to announce that it will issue to GR a total of 94,090
Units at a price of CDN$0.22 per Unit to settle an outstanding debt in the
amount of 15,000 Euros (CDN$20,700). When issued, such Units will fully satisfy
the said debt and will be subject to a four month hold period.


The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer of securities for
sale in the United States or Canada or the solicitation of an offer to buy
securities in the United States or Canada, nor shall there be any sale of the
securities in any jurisdiction or state in which such offer, solicitation or
sale would be unlawful.


About Ecometals

Ecometals Limited is a Canadian-listed mineral exploration and development
company focused on mineral resources in Latin America.

Grafico Azioni Great Atlantic Resources (TSXV:GR)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Great Atlantic Resources (TSXV:GR)
Storico
Da Giu 2023 a Giu 2024