Drilling last year at Great Bear’s Dixie property near Red Lake. (Image: Great Bear Resources)
VANCOUVER – Great Bear Resources has closed its brokered and non-brokered private placements for gross proceeds of $10.1 million. The company has received an additional $1.1 million from the exercise of share purchase warrants since June 30, 2018.
Rob McEwen and McEwen Mining were both strong supporters of Great Bear. McEwen paid $4.56 million for 3.1 million units, and McEwen Mining paid $5.7 million for 3.9 million units.
Great Bear president and CEO Chris Taylor said, “We … are extremely pleased to add Rob McEwen as a significant new shareholder, given his past successes as an operator and investor in the Red Lake district.”
The funding will be used at the Dixie and/or West Madsen gold properties near the town of Red Lake. Great Bear is earning a 100% royalty free interest in both projects. The Dixie project hosts confirmed gold mineralization along a 2.3 km strike, part of a 10-km target. Great Bear has drilled several bonanza grades there. The West Madsen gold project is contiguous with Pure Gold’s Madsen development.
Follow both projects at www.GreatBearResources.ca.