Bearing Resources (BRZ-V) Oct 22, '16 is pleased to announced that it has closed its previously announced non-brokered private placement and has issued 12,000,000 units at a price of $0.13 per Unit for gross proceeds of approximately $1,560,000. Each Unit is comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional common share of the Company at an exercise price of $0.25 until October 21, 2017. Finder's fees were paid on a portion of the Private Placement.
Jeremy Poirier, President and Chief Executive Officer of the Company states: "We are very pleased with the level of interest in the Private Placement and the fact that it was oversubscribed. We welcome the new shareholders to our Company and appreciate the ongoing support of our current shareholders. We look forward to growing the Company with them."
All securities issued pursuant to the Private Placement are subject to a statutory four-month hold period. The Company intends to use the proceeds from the Private Placement for general working capital and corporate purposes.
As announced on September 30, 2016, the Company completed its previously announced transaction with Commander Resources (CMD-V). As a result, the Company acquired direct ownership of 12,000,000 common shares of Commander in exchange for select mineral properties. The Company acquired the Commander Shares at a deemed price of 0.055 per Commander Share (being the closing price of the Commander Shares on the TSX Venture Exchange on the closing date) pursuant to a purchase agreement. Immediately before the Transaction, the Company did not own any Commander Shares. Following the Transaction, the Company held direct ownership of 12,000,000 Commander Shares, representing approximately 10.40% of the issued and outstanding Shares of Commander. The Company may sell the Commander Shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of the early warning report filed by the Company in connection with the acquisition of the Commander Shares is available on the SEDAR website at www.sedar.com or by contacting the Company directly at 778-989-1501.
ON BEHALF OF THE BOARD
Signed "Jeremy Poirier"
Jeremy Poirier, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier - President and CEO Bearing Resources - Telephone: 1-778-989-1501
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