Great Bear raises C$5.5m to extend drilling at Dixie
Great Bear Resources is raising C$5.5 million to extend its current drill program at the Dixie property to 90,000 metres. That is a 50% increase over the originally planned 60,000 metres.
The money will be raised through the issuance of flow-through and common shares with a private placement. Cormak Securities is acting as lead underwriter.
The underwriters have agreed to purchase one million flow-through shares at a price of C$5.45 per share. Gross proceeds will be approximately C$5.45 million. The syndicate has been granted an overallotment option of an additional 150,000 flow-through shares.
Great Bear’s Dixie project at Red Lake is a multi-kilometre mineralized structure similar to producing gold mines in the district, says the company. It is also earning a 100% royalty-free interest in the Pakwash, Dedee and Sobel properties. The company has C$15 million cash in hand with which to pursue its programs.
This story first appeared in the Canadian Mining Journal