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.
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.
Chris Taylor interviews with @proactive_NA and discusses recent exciting news of a very important rock unit discovery on the Dixie Project, Red Lake, Ontario. $GBR #RedLake #Ontario #Gold #Mining https://t.co/Uafecnkw1V— Great Bear Resources (@GreatBearGBR) October 16, 2018