Great Bear Resources Ltd. GTBDF

GBR news royalty spin out overwhelmingly approved

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Great Bear Announces Shareholder Approval at Special Meeting

April 24, 2020 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (TSX-V: GBR) (the "Company" or "Great Bear") is pleased to announce that Great Bear shareholders (“Shareholders”) approved the plan of arrangement (the “Arrangement”) with Great Bear Royalties Corp. (“Great Bear Royalties”) at the special meeting of Shareholders held yesterday (the “Meeting”). 

Under the Arrangement, the owners of common shares of Great Bear (each a “GBR Share”) are entitled to receive one-fourth of a common share of Great Bear Royalties for each GBR Share held immediately prior to the closing of the Arrangement, which is expected to be on or about May 5th, 2020. Following the Arrangement, Great Bear Royalties will no longer be a wholly owned subsidiary of Great Bear.
The Arrangement was approved by 99.54% of the votes cast by Shareholders, with Shareholders holding 21,768,565 GBR Shares or 46.01% of the outstanding GBR Shares present in person or represented by proxy at the Meeting.

Shareholders also approved the share option plan of Great Bear Royalties (the “Royalties Option Plan”) at the Meeting. The Royalties Option Plan was approved by 97.14% of the votes cast by Shareholders, with Shareholders holding 21,145,180 GBR Shares or 44.68% of the outstanding GBR Shares present in person or represented by proxy at the Meeting.

The Company intends to make an application to the Supreme Court of British Columbia (the “Court”) for a Final Order on April 28, 2020.

This announcement is for informational purposes only and does not constitute a solicitation or a proxy.