Great Bear Resources Enters Exploration Agreement With Two First Nations

Great Bear Resources (TSXV: GBR) this morning announced that it has entered into exploration agreements with two first nations groups, Wabauskang First Nation and Lac Seul First Nation, for the exploration of Great Bear’s mining claims in the Nation’s traditional territories. The agreement outlines communication and engagement between the parties.

Specifically, the exploration agreement outlines the manner in which Great Bear and the Nations will work together to enable Great Bear to explore the territorial lands while also being respectful of both Wabauskang and Lac Seul territories, and essentially ensure that everyone benefits from exploration activity.

Under the agreement, 50,000 common shares are to be issued to each of Wabauskang and Lac Seul First Nations, at a price of $11.55 a share, to ensure they also benefit from the exploration of the land. The agreement was entered into with both Nations on April 28, with shares issued based on the closing price of the equity on May 4, 2020.

It is unclear which specific claims of Great Bear’s run onto the traditional territories of the Nation’s, however it was outlined that Great Bear has been working operationally with Wabauskang for a period of three years already.

Great Bear Resources last traded at $12.02 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.

Leave a Reply