Great Bear Royalties Corp. is pleased to announce the completion of its rights offering which expired at 5:00 p.m. (Eastern time) on November 27, 2020. The shareholders of GBRC exercised rights to acquire 13,646,290 common shares of the Company. The Common Shares issued by the Company pursuant to the Rights Offering were issued at a price of $0.15 per Common Share for gross proceeds of $2,046,944. Following the closing of the Rights Offering, there were a total of 27,292,580 Common Shares issued and outstanding.
The number of Common Shares issued pursuant to the basic subscription privilege was 11,198,790. Of these, 1,007,444 Common Shares were issued to persons who were insiders before the closing of the Rights Offering, and 10,191,346 Common Shares were issued to all other persons.
A total of 2,447,500 Common Shares were issued pursuant to the additional subscription privilege. Of these, 217,713 Common Shares were issued to persons who were insiders before the closing of the Rights Offering, and 2,229,787 Common Shares were issued to all other persons.
As a result of the termination of the previously announced stand-by agreement, the Company did not issue any Common Shares nor pay any fees to the stand-by purchasers pursuant to the Rights Offering.
GBRC intends to use the net proceeds of the Rights Offering for potential listing costs and general corporate and working capital purposes, as more particularly described in the Company’s Rights Offering circular.
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We acknowledge the [financial] support of the Government of Canada.