This news release is not for distribution to U.S. newswire services for dissemination in the united states.
Vancouver, B.C., July 18, 2016 – Great Bear Resources Ltd. (the “Company”) announces that further to its news release dated May 25, 2016, the Company has completed a non-brokered private placement. The Company has issued a total of 3,005,966 units at a price of $0.15 per unit (a “Unit”), for gross proceeds of $450,895. Each Unit consists of one common share in the capital of the Company (a “Share”) and one share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share (a “Warrant Share”) at a price of $0.20 per Warrant Share until July 18, 2019. 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.
All securities issued under the Offering are subject to a statutory hold period expiring on November 19, 2016 in accordance with applicable Canadian securities laws.
The proceeds from the private placement will be used for further exploration as well as for corporate working capital.
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.