Great Bear Announces New Strategic Advisors, Share Consolidation and Private Placement
May 25, 2016 / TheNewswire / Vancouver, BC, Canada. - Great Bear Resources Ltd. (the "Company" or "Great Bear", TSX-V: GBR) is pleased to announce the appointment of Mr. John Robins, P.Geo., and Mr. Jim Paterson as Strategic Advisors to the Company.
Mr. Robins, a Professional Geologist with over 30 years' experience in the mining industry, is currently the Executive Chairman of Kaminak Gold Corporation and also a director of Kivalliq Energy Corp., Northern Empire Resources Corp., West Melville Minerals Inc., and Ethos Gold Corp. He has been a driving force within the Vancouver mining sector as founder of Hunter Exploration, Stornaway Diamond Corporation, Kivalliq Energy Corp., North Country Gold Corp. and Kaminak Gold Corp. Mr. Robins was also involved in the successful sale/merger of several public companies including Grayd Resources Corporation (Agnico Eagle), Troon Resources (Grenville Strategic Royalty), Arauco Minerals (Kinross), Creston Moly Corp. (Mercator) and Northair Silver (Kootenay Silver).
In 2008, Mr. Robins was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. "Spud" Huestis Award. This is recognized as the highest award given for mineral exploration and is awarded to those who have made "a significant contribution to enhance the mineral resources of British Columbia and/or the Yukon Territory, through the original application of prospecting techniques or other geoscience technology".
Mr. Paterson is a director and CEO of Northern Empire Resources Corp. and of Kivalliq Energy Corp., and has served as director of Kaminak Gold Corp. since 2010. Mr. Paterson has 17 years of corporate experience with several North American publicly traded companies, participating in acquisitions, joint-ventures, spin-outs, reverse transactions and IPO's. Since January 2010, Mr. Paterson has been involved as an executive or as an active director of companies which have raised in excess of $150 million in equity financings.
John Robins stated: "We look forward to supporting Great Bear's dynamic team as they enter a period of renewed corporate development and exploration activity. Great Bear holds interests in highly prospective projects in proven Canadian mining districts, including the Dixie Lake gold project in the Red Lake district of Ontario, and the 17,000 hectare BA and Surprise Creek precious and base metal VMS projects in the Golden Triangle district of British Columbia."
Highlighted results from Great Bear's projects are provided at the Company's web site at www.greatbearresources.ca.
The Company also announces consolidation of its common shares. Consolidation will occur on the basis of one (1) post-consolidated common share for every five (5) pre-consolidated common shares held. At current date, the Company has 21,945,086 common shares issued and outstanding and the Company will have approximately 4,389,017 common shares issued and outstanding post-consolidation. It is anticipated that the consolidated shares will commence trading on the TSX Venture Exchange (the "Exchange") no later than the week of May 30th, 2016.
Great Bear also announces that, subject to regulatory approval, it will undertake a non-brokered private placement. Each unit will be issued at a price of $0.15 and will consist of one post-consolidation common share and one post-consolidated common share purchase warrant entitling the holder to acquire one additional post-consolidation common share at a price $0.20 per share for a period of thirty-six (36) months. The common share purchase warrants will be subject to acceleration at the Company's discretion in the event the Company's common shares trade on a volume weighted average price (VWAP) basis of $0.30 or more for a period of ten consecutive trading days. The Company will issue up to 3,000,000 units for gross proceeds of up to $450,000. Mr. Robins and Mr. Paterson will participate for a portion of the placement.
Mr. R. Bob Singh, P.Geo, Director and VP Exploration for GBR, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-681-0037.
ON BEHALF OF THE BOARD
"Chris Taylor"
Chris Taylor, President and CEO
Inquiries:
Tel: 604-681-0037
Fax: 604-681-0094
info@greatbearresources.ca
www.greatbearresources.ca
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 new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
We seek safe harbor
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