In a statement, the company said it entered into an agreement with Cormark Securities Inc and Canaccord Genuity Corp to act as co-lead underwriters of a syndicate to purchase 1,750,000 flow-through common shares at a price of $8.35 each.
Great Bear has also granted the underwriters an option to sell up to an additional 250,000 flow-through common shares at the offering price up to the closing date.
The proceeds from the offering will be used to meet "Canadian exploration expenses" within the meaning of the Income Tax Act 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, 2019.
The offering is scheduled to close on or about November 27 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.
Great Bear, based in Vancouver, holds a 100% interest, royalty-free, in its flagship Dixie property near Red Lake, Ontario
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