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Great Bear Resources Ltd to raise funds to increase scope of exploration at Dixie

The company is currently engaged in a 30,000-metre, approximately 150-drill-hole program at its flagship Dixie property, which is expected to continue through 2018 and 2019.

Canadian dollars
Expanded exploration work will be informed by ongoing results,

Great Bear Resources Ltd (CVE:GBR) is to raise C$3.5mln through a private placement of shares at C$3.50 a pop.

The shares qualify as “flow-through” shares for income tax purposes.

The company intends to use the funds to perform further exploration of its mining assets.

READ Great Bear Resources boosted as it finds more high-priority drill targets at Dixie

Great Bear said the fund-raising is expected to close on or around November 13.

“The recent discovery of a new high-grade gold zone at the South Limb, together with multiple new drill targets related to D2 folding and newly discovered ultramafic units, have led us to plan for an increased scope of exploration activity at Dixie,” said Chris Taylor, the president and chief executive officer of Great Bear.

“Proceeds of the current placement will fund this expanded program and allow thorough concurrent exploration of the high-grade gold discoveries at the Dixie Limb and Hinge Zones,” he added.

Quick facts: Great Bear Resources

Price: 14.78 CAD

TSX-V:GBR
Market: TSX-V
Market Cap: $749.45 m
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