TORONTO, ONTARIO--(Marketwired - Dec. 18, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) announces that, following receipt of shareholder approval at a special meeting held December 11, 2013,
it has closed the final tranche of its previously announced private
placement financing through the sale of 24,478,760 units (the "Units")
to at a price of
$0.13 per Unit for gross proceeds of approximately $ $3,182,238.80 (See Press Releases Dated October 7, October 17, and October 22, 2013). Each Unit consists of one common share of the Company (a
"Common Share") and one common share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant will entitle the holder thereof to
acquire a Common Share at the exercise price of
$0.245 per share until December 18, 2015.
The Company intends to use the gross proceeds of the Offering to finance its exploration program and Feasibility Study for the Mangazeisky Silver Project, to repay debt and supplement general working capital.
The Common Shares, the Warrants, and the shares
issuable upon the exercise of the Warrants, are subject to statutory
resale restrictions for a period until
April 19, 2014.
As a result of this purchase, Aterra Investments Limited
("Aterra") shall hold an aggregate of 22,821,579 common shares of
Silver Bear, which represents approximately 24% of its issued and
outstanding common shares and
Forbes & Manhattan, Inc.
("F&M") shall hold an aggregate of 14,205,813 common shares of
Silver Bear which represents approximately 15% of its issued and
outstanding common shares.
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,
over which Silver Bear has exclusive exploration 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 94,642,170 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 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "1933 Act"), or
any state securities laws and may not be offered or sold within
the United States
or to, or for the account or benefit of U.S. persons (as defined in
Regulation S under the 1933 Act) absent such registration or an
applicable exemption from such registration requirements.
Silver Bear Resources Inc.
President and Chief Executive Officer
+firstname.lastname@example.orgSilver Bear Resources Inc.
+44 207 389 0907www.silverbearresources.com