Great Atlantic Resources Corp. granted Fort St. James Nickel Corp. a 30-day exclusive right to conduct due diligence on its mineral claims in New Brunswick, with a view to eventually complete an acquisition deal.

In addition to due diligence, the proposed transaction is also subject to the completion of an NI 43-101 technical report, the execution of a definitive deal and obtaining all necessary regulatory approvals, according to a May 29 release.

Fort St. James, meanwhile, plans to raise up to C$200,000 in a nonbrokered private placement, with the proceeds to go toward due diligence and costs related to the transaction, and for general working capital.