Proactive Investors - Run By Investors For Investors

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

View full GBR profile View Profile

Great Bear Resources Timeline

Related Articles

project area
February 06 2019
Drilling to improve the JORC classification and extend the current resource will start this quarter.
Gold mining project development operations at West Wits Mining
April 09 2019
Sixty per cent of Mt Cecelia project’s boundaries are surrounded by Rio Tinto, which has upped its landholding in the region by 1,000%.
A drill rig
January 18 2019
The Finniss lease also hosts the Grants deposit, which will host the project's first mine.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use