logo-loader
MiningGold & silver
Great Bear Resources

Great Bear Resources increases size of previously announced financing to C$8.2M

Cormark Securities is lead underwriter of a syndicate, which includes Canaccord Genuity, which will buy the shares

Canadian dollar
The explorer is now set to raise gross proceeds of around C$8.2 million.

Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) has increased the size of its previously announced placement due to demand.

Yesterday, the firm said it was poised to raise around C$5.45 million gross via the bought deal private placement via the sale of 1 million shares.

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

Today, in a regulatory statement, it said it will lift that to 1.5 million shares still at a price of $5.45 each, to raise gross proceeds of around C$8.2 million.

Cormark Securities is lead underwriter of a syndicate, which includes Canaccord Genuity, which will buy the shares.

"Interest in this placement from top tier investors whom we are pleased to include as shareholders has exceeded our capacity to accommodate within the terms announced on Wednesday," said Chris Taylor, CEO of Great Bear. "We are therefore pleased to announce expansion of the placement, and know that we will benefit from the added flexibility this additional funding will provide at the exploration level at Dixie."

Great Bear has also granted the underwriters an option to sell up to a further 500,000 flow-through shares at the offer price up to the closing date.

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

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Great Bear Resources

Price: $9.03

Market: TSX-V
Market Cap: $359.92 m
Follow

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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