Just got bigger !It's going to be used for something...BIG !
Great Bear increases bought deal to $33-million
2020-05-12 11:33 ET - News Release
Mr. Chris Taylor reports
GREAT BEAR ANNOUNCES UPSIZED BOUGHT DEAL PRIVATE PLACEMENT OFFERING OF C$33 MILLION
In connection with Great Bear Resources Ltd.'s previously announced bought deal private placement offering, the company and a syndicate of underwriters led by Canaccord Genuity Corp. have agreed to increase the size of the offering. Great Bear will now issue 1,470,600 common shares of the Company that qualify as flow-through shares for the purposes of the Income Tax Act (Canada) at a price of $17 per flow-through share and 725,000 common shares of the company at a price of $11.04 per common share for aggregate gross proceeds of $33,004,200.
The gross proceeds from the sale of Flow-Through Shares 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 net proceeds from the sale of Common Shares will be used to fund exploration activities and for general corporate purposes.
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 square kilometres 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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