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Great Bear Resources closes oversubscribed C$16.7 million financing to fuel Dixie drill program

The firm is currently advancing the high grade Dixie gold project in Red Lake, Ontario

gold bars canadian dollars
The shares were issued at C$8.35 each for gross proceeds of C$16.7 million

Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) announced Thursday that it had closed a C$16.7 million financing to help it advance its flagship Dixie project in Red Lake, Ontario.

The Vancouver-based company is currently engaged in a 90,000-metre drill program at Dixie, which Great Bear expects to continue through to 2020.

Both the offering of 1.75 million shares and 250,000 additional shares were fully subscribed, according to Great Bear.

READ: Great Bear Resources bolsters executive team with new VP of corporate development

The company issued another 2 million flow through shares that qualify as “Canadian exploration expenses” under the Income Tax Act, allowing purchasers to access tax benefits. The shares were issued at C$8.35 each for gross proceeds of C$16.7 million.

Shares are subject to a four-month and one day hold period set to expire on March 29, 2020.

The financing was led by underwriters Cormark Securities Inc and Canaccord Genuity Corp and included PI Financial Corp. Great Bear paid the syndicate a cash commission of 6% of the gross proceeds from the offering.

The offering is subject to final acceptance by the TSX Venture Exchange.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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