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Great Bear arranges $20-million bought deal
2020-05-12 07:42 ET - News Release
Mr. Chris Taylor reports
GREAT BEAR ANNOUNCES C$20.0 MILLION BOUGHT DEAL PRIVATE PLACEMENT OF FLOW-THROUGH COMMON SHARES
Great Bear Resources Ltd. has entered into an agreement with Canaccord Genuity Corp. to act as lead underwriter of a syndicate of underwriters, pursuant to which the underwriters shall purchase 1,176,500 common shares that qualify as flow-through shares of the company for the purposes of the Income Tax Act (Canada) at a price of $17 per flow-through common share, on a bought-deal private placement basis, for aggregate gross proceeds to the company of approximately $20.0-million. The Company has also granted the Underwriters an option to sell up to an additional 176,475 Flow-Through Common Shares at the offering price up to the Closing Date.
The gross proceeds from the Offering will be used to incur "Canadian exploration expenses" (within the meaning of the Income Tax Act (Canada)) related to Great Bear's projects in Ontario. The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2020.
The Offering is scheduled to close on or about June 2, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange. The Flow-Through Common Shares will be subject to a four month hold period from the date of closing of the Offering.
About Great Bear
Great Bear Resources Ltd. is a well-financed gold exploration company managed by a team with a track record of success in mineral exploration. Great Bear is focused in the prolific Red Lake gold district in northwest Ontario, where the Company controls over 300 km2 of highly prospective tenure across 4 projects: the flagship Dixie Project (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), and the Sobel Property (earning a 100% interest), all of which are accessible year-round through existing roads.
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