TORONTO, ONTARIO--(Marketwired - Aug. 18, 2014) -
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 it has closed its previously announced private
placement financing of 64,420,467 common shares ("Common Shares") at a
$0.17 per Common Share for gross proceeds in the amount of CAD$10,951,479 (the "Offering").
The Company intends to use the gross proceeds of the
Offering to finance the further development of the Mangazeisky project
towards production and for general working capital purposes.
Upon closing of the Offering, Inflection Management Corporation, an entity owned by Mr. Sergey Kolesnikov ("Inflection") acquired in the aggregate 41,176,471 Common Shares representing a 25% interest in the Company and Aterra Investments Limited
("Aterra"), acquired 17,647,000 Common Shares, which together with its
existing holdings represents a 25% interest in the Company. The Company
obtained disinterested shareholder approval with respect to the Offering
July 10, 2014.
Robin Birchall, the Executive
Chairman of the Company stated, "We are excited about this new strategic
partnership with Inflection and are pleased to welcome Mr.
the Inflection nominee, to the Board of Directors. We are confident
that together with our existing partner Aterra, we will have the support
required to continue to develop the property toward production. The
completion of this financing signifies the strong local relationships we
have built in
and in particular in Yakutia. Together with Inflection and Aterra we
look forward to strengthening these relationships as we develop the
The Common Shares will be subject to statutory resale restrictions which expire on December 16, 2014. Closing of the Offering remains subject to the final approval of the TSX.
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 160,795,767 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
+1-416-861-5893Silver Bear Resources Inc.65 Queen Street West
, Suite 825, P.O. Box 71
M5H 2M5info@silverbearresources.comSilver Bear Resources Inc.
UK+44 771 131 3019Silver Bear Resources Inc.1 Adam StreetLondon
, WC2N 6LEwww.silverbearresources.com