logo-loader
viewGreat Bear Resources

Great Bear Resources closes oversubscribed C$16.7 million financing to fuel Dixie drill program

The firm is currently advancing the high grade Dixie gold project in Red Lake, Ontario

gold bars canadian dollars
The shares were issued at C$8.35 each for gross proceeds of C$16.7 million

Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) announced Thursday that it had closed a C$16.7 million financing to help it advance its flagship Dixie project in Red Lake, Ontario.

The Vancouver-based company is currently engaged in a 90,000-metre drill program at Dixie, which Great Bear expects to continue through to 2020.

Both the offering of 1.75 million shares and 250,000 additional shares were fully subscribed, according to Great Bear.

READ: Great Bear Resources bolsters executive team with new VP of corporate development

The company issued another 2 million flow through shares that qualify as “Canadian exploration expenses” under the Income Tax Act, allowing purchasers to access tax benefits. The shares were issued at C$8.35 each for gross proceeds of C$16.7 million.

Shares are subject to a four-month and one day hold period set to expire on March 29, 2020.

The financing was led by underwriters Cormark Securities Inc and Canaccord Genuity Corp and included PI Financial Corp. Great Bear paid the syndicate a cash commission of 6% of the gross proceeds from the offering.

The offering is subject to final acceptance by the TSX Venture Exchange.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Great Bear Resources

Price: 7.78 CAD

TSX-V:GBR
Market: TSX-V
Market Cap: $359.82 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

Full interview: Great Bear Resources hosts webinar to discuss discovery of...

Great Bear Resources (CVE: GBR) President and CEO Chris Taylor sat down with Steve Darling from Proactive in Vancouver to share news the company is holding a webinar to go over the vast amounts of data they have amassed from the Dixie project in Red Lake.  Taylor talked about some of...

1 week, 1 day ago

2 min read