Vancouver, B.C., September 26, 2013 - Great Bear Resources Ltd. (the "Company") announces that further to its news release dated August 29, 2013, the Company has completed a non-brokered private placement at a price of $0.075 per unit (a "Unit"), to raise $450,000 (the "Offering"). Each Unit consists of one common share in the capital of the Company (a "Share") and one half of a share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share (a "Warrant Share") at a price of $0.10 per Warrant Share until September 25, 2018.
All securities issued under the Offering are subject to a statutory hold period expiring on January 26, 2014 in accordance with applicable Canadian securities laws.
In connection with the Offering, the Company has paid finder's fee of $10,068.75 in cash, being 5% of the aggregate proceeds from the sale of Units to purchasers introduced by a finder.
Net proceeds from the private placement will be used for further exploration as well as for corporate working capital.
The Company also announces that 965,000 incentive stock options have been allocated to directors, officers and consultants after closing of the Offering. The stock options are exercisable at $0.15 per share over five years.
The Company also announces the resignation of Michael Walker as a director of the Company. The Company would like to thank Mr. Walker for his contribution to the Company and wish him well in his endeavours.
For further information, please contact Mr. Chris Taylor, P.Geo, President.
ON BEHALF OF THE BOARD
Chris Taylor, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release is not for distribution to U.S. newswire services for dissemination in the united states.
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