Great Bear Resources - President and CEO, Chris Taylor
President and CEO, Chris Taylor
Source: Great Bear Resources
  • Great Bear Resources (TSXV:GBR) has completed a previously announced bought deal private placement for gross proceed of C$33 million
  • The company issued a total of 1.47 million flow-through shares at a price of $17.00 each, as well as 725,000 common shares at a price of $11.04
  • The financing was completed through a syndicate of underwriters led by Canaccord Genuity
  • Proceeds from the private placement will be used to fund exploration activities at the company’s projects in Ontario
  • Great Bear Resources (GBR) is currently down 3.68 per cent and is trading at $11.00 per share, with a market cap of $530.99 million

Great Bear Resources (TSXV:GBR) has completed a previously announced bought deal private placement for gross proceed of C$33 million.

Under the terms of the private placement, the company issued a total of 1.47 million flow-through shares at a price of $17.00 each, as well as 725,000 common shares at a price of $11.04.

The financing, which was originally revealed on May 12 this year, was conducted through a syndicate of underwriters led by Canaccord Genuity.

The underwriters included Cormark Securities, PI Financial, Stifel GMP, BMO Nesbitt Burns, Eight Capital, National Bank Financial and Paradigm Capital.

As consideration for their services, these parties received an aggregate cash compensation equal to six per cent of the total amount raised.

The shares issued as part of the private placement will be subject to a holding period of four months and one day from the date of closing, expiring on October 5 this year.

Great Bear Resources says it will use the proceeds to fund exploration activities at its properties in Ontario, as well as for general working capital purposes.

The company’s primary focus is on the Red Lake Gold District in the northwest part of the province, in which Great Bear Resources holds 300 square kilometres of prospective land.

This region hosts the Dixie Project, the Pakwash Property, the Dedee Property and the Sobel Property, all of which are wholly owned and accessible year-round.

With the financing now complete, Great Bear Resources has roughly $53 million in cash on its balance sheet and is fully funded for ongoing exploration drilling until 2022.

Great Bear Resources (GBR) is down 3.68 per cent and is trading at $11.00 per share at 2:24pm EDT.

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