TORONTO, ONTARIO--(Marketwire - March 19, 2012) - Silver Bear Resources Inc. ("Silver Bear" or the "Company")
(TSX:SBR) is pleased to announce the closing of its previously
announced private placement of 4,375,000 common shares ("Common Shares")
of Silver Bear with
Tabac Ventures Limited ("Tabac"). Tabac is a company affiliated with Aterra Capital, an investment fund established by Alexey Mordashov.
The 4,375,000 Common Shares were sold to Tabac at a price of $0.80 per share for gross proceeds to the Company of $3.5 million. The Common Shares will be subject to a statutory hold period of four months and one day.
The Company intends to use the net proceeds of the private placement
to fund exploration activities and improve infrastructure at the
Company's Mangazeisky property in Yakutia,
The Company is currently in the process of developing an exploration
program for this coming summer. Additionally, the Company is planning to
spend up to
$1.3 million on new equipment to be used for site infrastructure improvements.
This release and subsequent oral statements made by and on behalf of
the Company may contain forward-looking statements, which reflect
management's expectations. Wherever possible, words such as "intends",
"expects", "scheduled", "estimates", "anticipates", "believes" and
similar expressions or statements that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur or be
achieved, have been used to identify these forward-looking statements.
Although the forward-looking statements contained in this release
reflect management's current beliefs based upon information currently
available to management and based upon what management believes to be
reasonable assumptions, Silver Bear cannot be certain that actual
results will be consistent with these forward-looking statements. A
number of factors could cause events and achievements to differ
materially from the results expressed or implied in the forward-looking
statements. Such risks factors include but are not limited to risks
factors identified by Silver Bear in its continuous disclosure filings
filed from time to time on SEDAR. These factors should be considered
carefully and prospective investors should not place undue reliance on
the forward-looking statements. Forward-looking statements necessarily
involve significant known and unknown risks, assumptions and
uncertainties that may cause Silver Bear's actual results, events,
prospects and opportunities to differ materially from those expressed or
implied by such forward-looking statements. Although Silver Bear has
attempted to identify important risks and factors that could cause
actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors and
risks that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, prospective investors should not place undue
reliance on forward-looking statements. These forward-looking statements
are made as of the date of this release, and Silver Bear assumes no
obligation to update or revise them to reflect new events or
circumstances, unless otherwise required by law.
The head office of Silver Bear Resources is located at:
65 Queen Street West
Suite 805, P.O. Box 71
Toronto, ON M5H 2M5
FOR FURTHER INFORMATION PLEASE CONTACT:
Silver Bear Resources Inc.
Manager, Investor Relations
Source: Silver Bear Resources Inc.