Silver Bear Resources Inc
Symbol C : SBR
Shares Issued 44,203,902
Close 2012-03-13 C$ 0.69
Recent Sedar Documents
Silver Bear arranges $3.5-million private placement
2012-03-14 07:26 ET - News Release
Mr. Mark Trevisiol reports
SILVER BEAR ANNOUNCES PRIVATE PLACEMENT FINANCING WITH A STRATEGIC
INVESTOR
Silver Bear Resources Inc. has entered into an agreement to
complete a non-brokered private placement financing of 4,375,000
common shares of the company at an issue price of 80 cents for
gross proceeds in the amount of $3.5-million.
Tabac Ventures Limited, a company affiliated with Aterra Capital,
an investment fund established by Alexey Mordashov, has agreed to
acquire all of the common shares to be issued in connection with
the private placement. Mark Trevisiol, president and chief
executive officer of Silver Bear, stated: "We are very pleased to
have Tabac as a Silver Bear shareholder, a company controlled by
Alexey Mordashov. This placement helps secure some of the capital
needs of the company for the upcoming exploration season, but more
importantly, brings a strategic shareholder into Silver Bear."
The closing of the private placement is expected to occur on or
before March 31, 2012, and remains subject to receipt of all
necessary regulatory approvals, including final Toronto Stock
Exchange approval. The common shares will be subject to a statutory
hold period of four months and one day. Upon closing of the private
placement, it is anticipated that a nominee of Tabac will be
appointed to the board of directors of the company.
The company intends to use the net proceeds of the private
placement to finance exploration activities and improve
infrastructure at the company's Mangazeisky property in Yakutia,
Russia. 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.
As previously announced, the company has delineated a silver
mineral resource estimate compliant with National Instrument NI
43-101 on its Mangazeisky property. The resource contains an
inferred silver resource of 30.6 million ounces, averaging 554
grams per tonne, and an indicated silver resource of 19 million
ounces, averaging 514 grams per tonne. (See Silver Bear news
release dated March 28, 2011.)
Last fall (Sept. 28, 2011) the company released a preliminary
economic analysis. Details of the study include operating costs in
the range of $8 (U.S.) to $9 (U.S.) per ounce of silver on
production of approximately 4.1 million ounces of silver per year.
The PEA is preliminary in nature, includes inferred resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
estimates of the PEA will be realized.
Mark Trevisiol, PEng, president and CEO of Silver Bear, is a
qualified person under National Instrument 43-101 and has reviewed
and approved the scientific and technical information in this press
release.
We seek Safe Harbor.
Quelle:
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aSBR-19361…