Great Bear Resources (TSXV: GBR) this morning announced that it will be conducting a bought deal flow-through financing led by Canaccord Genuity to the tune of $20.0 million. The financing will be utilized for “Canadian exploration expenses,” as described within the Income Tax Act, for the firms notable projects in Ontario.
The pricing of the bought deal is notable, with each flow through unit being sold at a price of $17.00. Each unit consists of one common share, with a total of 1,176,500 common shares being issued under the agreement. An over-allotment option is also present, representing an additional 176,475 flow-through units.
The financing is anticipated to close by June 2, 2020, after which the shares will be subject to a four month hold period. The company intends to renounce the associated exploration expenses to purchasers by December 31, 2020.
Great Bear Resources last traded at $11.98 on the TSX Venture.
Information for this briefing was found via Sedar and Great Bear Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.