TORONTO, ONTARIO--(Marketwired - Sept. 18, 2013) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) today announces that it has entered into unsecured promissory notes with Aterra Investments Limited ("Aterra") and with Forbes & Manhattan, Inc. ("F&M"), pursuant to which Aterra and Forbes have each agreed to lend the Company CAD$500,000 respectively for a total of CAD$1,000,000.
Silver Bear intends to use the proceeds of the promissory notes to
finance the further development of the Mangazeisky project, including
without limitation, towards the payment of licence fees and towards a
drill program and for general working capital purposes. Amounts
outstanding under the promissory notes will incur interest at a rate of
20% per year and the notes mature on
December 9, 2013. The promissory notes are unsecured. Mr. Boris Granovsky, a director of the Company is also an officer of Aterra. Mr. Stan Bharti, a director of the company is also the executive chairman of F&M.
Silver Bear Resources Inc.
The primary business of the Company is the evaluation, acquisition, exploration and development of silver properties in the Russian Federation.
The Company's principal focus is the Mangazeisky exploration lease and
the Vertikalny Deposit, over which Silver Bear has exclusive
exploration/mining rights. It is located approximately 400 kilometres
north of Yakutsk in the
Republic of Sakha, Yakutia in the Russian Federation.
Silver Bear Resources Inc. is listed on the Toronto Stock Exchange
and its common shares trade under the ticker symbol "SBR". Silver Bear
has 62,149,949 issued and outstanding common shares. Other information
relating to Silver Bear is available on SEDAR at
www.sedar.com as well as on the Company's website at www.silverbearresources.com.
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 risk factors include but are not
limited to risk 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.
Silver Bear Resources Inc.
President and Chief Executive Officer
firstname.lastname@example.orgSilver Bear Resources Inc.
+44 207 389 email@example.com