Silver Bear Resources Inc. (TSX:SBR) announces that it has closed its previously announced private placement financing of 64,420,467 common shares at a price of $0.17 per Common Share for gross proceeds in the amount of CAD$10,951,479.
The Company intends to use the gross proceeds of the Offering to finance the further development of the Mangazeisky project towards production and for general working capital purposes.
Upon closing of the Offering, Inflection Management Corporation, an entity owned by Mr. Sergey Kolesnikov acquired in the aggregate 41,176,471 Common Shares representing a 25% interest in the Company and Aterra Investments Limited acquired 17,647,000 Common Shares, which together with its existing holdings represents a 25% interest in the Company. The Company obtained disinterested shareholder approval with respect to the Offering on July 10, 2014.
Robin Birchall, the Executive Chairman of the Company stated, “We are excited about this new strategic partnership with Inflection and are pleased to welcome Mr. Alexey Sotskov, the Inflection nominee, to the Board of Directors. We are confident that together with our existing partner Aterra, we will have the support required to continue to develop the property toward production. The completion of this financing signifies the strong local relationships we have built in Russia and in particular in Yakutia. Together with Inflection and Aterra we look forward to strengthening these relationships as we develop the project.”
The Common Shares will be subject to statutory resale restrictions which expire on December 16, 2014. Closing of the Offering remains subject to the final approval of the TSX.
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 and the Vertikalny Deposit, over which Silver Bear has exclusive exploration/mining 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 160,795,767 issued and outstanding common shares.
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