Silver Bear Resources Inc. (TSX:SBR) announces that, following receipt of shareholder approval at a special meeting held December 11, 2013, it has closed the final tranche of its previously announced private placement financing through the sale of 24,478,760 units to at a price of $0.13 per Unit for gross proceeds of approximately $ $3,182,238.80. Each Unit consists of one common share of the Company and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire a Common Share at the exercise price of $0.245 per share until December 18, 2015.
The Company intends to use the gross proceeds of the Offering to finance its exploration program and Feasibility Study for the Mangazeisky Silver Project, to repay debt and supplement general working capital.
The Common Shares, the Warrants, and the shares issuable upon the exercise of the Warrants, are subject to statutory resale restrictions for a period until April 19, 2014.
As a result of this purchase, Aterra Investments Limited shall hold an aggregate of 22,821,579 common shares of Silver Bear, which represents approximately 24% of its issued and outstanding common shares and Forbes & Manhattan, Inc. shall hold an aggregate of 14,205,813 common shares of Silver Bear which represents approximately 15% of its issued and outstanding common shares.
Silver Bear Resources Inc.
The primary business of the Company is the evaluation, acquisition, exploration and development of silver properties in the Russian Federation. The Company’s principal focus is the Mangazeisky exploration lease, over which Silver Bear has exclusive exploration rights. It is located approximately 400 kilometres north of Yakutsk in the Republic of Sakha, Yakutia in the Russian Federation.
Silver Bear Resources Inc. is listed on the Toronto Stock Exchange and its common shares trade under the ticker symbol “SBR”. Silver Bear has 94,642,170 issued and outstanding common shares.
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