By Susanna Moon
Chicago, May 26 - Bear Lake Gold Ltd. said it arranged a bought-deal private placement of units to raise up to C$2.01 million.
The company said it plans to sell up to 6.1 million units at C$0.33 per unit. Each unit will consist of one common share and one half-share purchase warrant.
Each warrant is exercisable at C$0.40 for two years. The company may accelerate the expiry of the warrants if the share closing price exceeds C$0.50 for 20 consecutive trading days at any time after four months and one day from closing.
Primary Capital Inc. and Dundee Securities Corp. are the agents.
The offer is expected to close on June 4.
Proceeds will be used to finance the company's work program at the Hope Bay project in Nunavut, to continue drilling and complete a 43-101 resource estimate at Larder Lake and for general working capital.
Based in Longueuil, Quebec, Bear Lake is a gold and precious minerals exploration company.
| Issuer: | Bear Lake Gold Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2,013,000
|
| Units: | 6.1 million
|
| Price: | C$0.33
|
| Warrants: | One half-share per unit
|
| Warrant strike price: | C$0.40
|
| Warrant expiration: | Two years
|
| Agents: | Primary Capital Inc. and Dundee Securities Corp.
|
| Pricing date: | May 26
|
| Settlement date: | June 4
|
| Stock symbol: | TSX Venture: BLG
|
| Stock price: | C$0.35 at close May 25
|
| Market capitalization: | C$33.10 million
|
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