viewGreat Bear Resources

Great Bear Resources set to bring in C$5.45 million through bought-deal financing to advance Ontario projects

Cormark Securities Inc will be the lead underwriter of a syndicate, which includes Canaccord Genuity

Canadian dollar
The underwriters also have an option to sell a further 150,000 flow through shares at the same price

Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) is set to raise around C$5.45 million gross via a bought deal private placing, to advance its projects in Ontario.

Cormark Securities Inc will be lead underwriter of a syndicate, which includes Canaccord Genuity, which will buy 1 million Great Bear 'flow-through' shares at C$5.45 each on a "bought deal" private placement basis.

READ: Great Bear Resources poised to begin drilling at newly discovered Bear-Rimini zone within days

The underwriters also have an option to sell a further 150,000  flow through shares at the same price up to the closing date.

"By raising an additional $5.5 million, we will have over $15 million in cash on hand and will have funded the expansion of our ongoing drill program by an additional 30,000 metres, for a new total of 90,000 metres of drilling," said Chris Taylor, the chief executive at Great Bear.

"Coupled with the potential for an additional $7.8 million from warrant exercise, Great Bear will remain very well-funded with the flexibility to significantly expand and extend our drilling as required. We are strongly positioned to benefit from one of our industry's most significant exploration drill campaigns through 2019 and 2020."

Scheduled to close on or around July 3 this year

The offering is scheduled to close on or around July 3 this year, subject to certain conditions, including TSX Venture Exchange approval.

Yesterday (Tuesday), the firm said it expects to begin drilling the newly discovered Bear-Rimini zone at the Dixie project in Ontario within days.

The firm has now moved a third drill rig to the property in the famous Red Lake district of Ontario, as part of the ongoing drill program.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Great Bear Resources

Price: 17.6 CAD

Market: TSX-V
Market Cap: $881.23 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Great Bear Resources named herein, including the promotion by the Company of Great Bear Resources in any Content on the Site, the Company...



Great Bear Resources releases more compelling results from Dixie Project in...

Great Bear Resources (CVE:GBR) President and CEO Chris Taylor dropped into the Vancouver studio of Proactive Investors to talk about more interesting results from their Dixie Project in Red Lake, Ontario. These results deal with the Hinge Zone. Taylor telling Proactive about the great...

on 9/5/19

2 min read