TSX-V-listed Great Bear Resources has announced a C$3.5-million private placement of shares at C$3.5 each, for further exploration at its Dixi project, in Ontario.
The company entered into an agreement with Cormark Securities, pursuant to which Cormark has agreed to purchase one-million common shares that qualify as “flow-through shares”.
Cormark has also been granted an option to sell up to an additional 15 000 flow-through shares at the offering price up to the closing date of November 13.
“The recent discovery of a new high-grade gold zone at the South Limb, together with multiple new drill targets related to D2 folding and newly discovered ultramafic units, have led us to plan for an increased scope of exploration activity at Dixie. Proceeds of the current placement will fund this expanded programme and allow thorough concurrent exploration of the high-grade gold discoveries at the Dixie Limb and Hinge zones” said president and CEO Chris Taylor.
The company is currently engaged in a 30 000 m, 150 drill hole programme at its flagship Dixie property, which is expected to continue through 2018 and 2019.
Great Bear closed 4.8% up on Friday at $2.83 a share.