By Devika Patel
Knoxville, Tenn., June 22 - Bear Lake Gold Ltd. said it settled the first tranche of a non-brokered private placement of shares and units for C$2.55 million. The deal priced for C$4.15 million on May 28.
The company is selling up to 5,666,667 units at C$0.18 per unit and 15.65 million flow-through common shares at C$0.20 each. It sold 7,900,009 units and 5.65 million shares in the first tranche. The MineralFields Group invested C$1 million.
Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.30 for two years.
Proceeds will be used for exploration on the Larder Lake project and for general corporate purposes.
Based in Longueuil, Quebec, Bear Lake is a gold and precious minerals exploration company.
| Issuer: | Bear Lake Gold Ltd.
|
| Issue: | Flow-through common shares, units of one common share and one warrant
|
| Amount: | C$4.15 million
|
| Agent: | Non-brokered
|
| Investor: | The MineralFields Group (for C$1 million)
|
| Pricing date: | May 28
|
| Settlement date: | June 22 (for C$2,552,002)
|
| Stock symbol: | TSX Venture: BLG
|
| Stock price: | C$0.185 at close May 27
|
| Market capitalization: | C$16.7 million
|
|
|
| Flow-through shares
|
| Amount: | C$3.13 million
|
| Shares: | 15.65 million
|
| Price: | C$0.20
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1.02 million
|
| Units: | 5,666,667
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
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