Great Bear Resources Limited: Announces Private Placement
Vancouver, August 2, 2016 - Great Bear Resources Ltd. (the "Company" or "Great Bear", TSX-V: GBR) announces that, subject to regulatory approval, it will undertake a non-brokered private placement. Each unit will be issued at a price of $0.20 and will consist of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.27 per share for a period of twenty-four (24) months. The common share purchase warrants will be subject to acceleration at the Company's discretion in the event the Company's common shares trade on a volume weighted average price (VWAP) basis of $0.40 or more for a period of ten consecutive trading days. The Company will issue up to 4,000,000 units for gross proceeds of up to $800,000, and reserves the right to increase the size of the placement by up to twenty percent. The securities issued by Great Bear in connection with the private placement will be subject to a four month hold period as prescribed by applicable securities laws. Insiders may participate for a portion of the placement. Finder's fees may be payable as part of this transaction.
Proceeds will be used to advance the Company's projects in the Golden Triangle area of British Columbia, and the Red Lake district of Ontario, as well as for general working capital purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 778-327-5799.
ON BEHALF OF THE BOARD
"Chris Taylor"
Chris Taylor, President and CEO
Inquiries:
Tel: 778-327-5799
Fax: 778-327-6675
info@greatbearresources.ca
www.greatbearresources.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
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