Great Bear Resources (TSXV: GBR) apparently has seen strong demand for the flow-through financing it announced this morning for $37.2 million. The company this evening increased the size of the financing to $69.9 million following this demand.
The flow through financing sees shares of the company being sold at a price of $18.60 per flow through share, with no warrant attached to the offering. In total, 3.2 million shares are to be sold under the offering, which is lead by Cormark Securities and CIBC Capital Markets. Also to be issued under the offering are 748,000 common shares of the issuer, at a price of $12.75 per share.
Proceeds from the flow through financing are to be utilized for exploration expenses, as per the Income Tax Act of Canada. Net proceeds from the sale of common shares meanwhile are to be used for working capital and general corporate purposes.
The financing is currently slated to close by February 18. 2021.
Great Bear Resources last traded at $14.25 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.
