Bear Lake Gold arranges $4.15-million private placement
2010-05-28 09:41 ET - News Release
Mr. Francois Viens reports
BEAR LAKE GOLD LTD. ANNOUNCES PRIVATE PLACEMENT OF UNITS AND FLOW-THROUGH SHARES TO RAISE UP TO $4,150,000
Bear Lake Gold Ltd. has planned a private placement of its securities comprising up to 15.65 million flow-through common shares of the company at a price of 20 cents per flow-through share and 5,666,667 units of its securities at a price of 18 cents per unit, to raise a total of $4.15-million on a non-brokered basis. Each Unit will consist of one common share of Bear Lake (a "Share") and one common share purchase warrant (a "Warrant"), with each Warrant exercisable to acquire one Share at $0.30 per Share for a period of 24 months from the closing date of the Financing. The Warrants will be subject to a right of accelerated expiry at the Company's option where the closing price of the Shares on the TSX Venture ("TSXV") has exceeded $0.50 for twenty consecutive trading days at any time after four months and one day from closing of the Financing. Approximately 2.4% of the Financing is being subscribed for by insiders of Bear Lake. |
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