- Maricunga Project
- Maricunga (DFS)
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V Symbol BRZ.V) is pleased to announce the appointment of Paul Reinhart as Manager Corporate Relations. Mr. Reinhart will be a full time employee in the Vancouver office responsible for raising the profile of the Company and managing corporate communications to external stakeholders.
Geoff Chater, President and CEO of Bearing commented, "We are pleased to have Paul join the Bearing team. He brings his experience from several successful public companies and will focus on increasing Bearing's retail and high net worth investor base."
A former National Hockey League player, Mr. Reinhart retired in 1990 to focus full time on his business interests. Mr. Reinhart has been primarily an entrepreneur/investor and has also acted as a capital markets advisor primarily focused in the mineral exploration and medical devices industries. In addition to investing in several successful early stage development companies, Mr. Reinhart has been a founding director and/or officer in various companies including Angiotech Pharmaceuticals, Kokanee Explorations, Chapleau Resources (now Magellan Minerals) and Far West Mining (recently acquired by Capstone Mining for approximately $700 million).
In connection with this appointment, the Company wishes to announce a non-brokered private placement in the Company of up to 428,572 Units. Each Unit will be comprised of one common share of the Company ("Common Share") and one half of a common share purchase warrant (a "Warrant"). The Units will be offered at a price of $0.42 per Unit for aggregate gross proceeds of up to $180,000. Each whole Warrant will be exercisable for one common share of the Company for a period of 12 months from the closing date of the Offering at an exercise price of $0.60. Prior to this financing, Mr. Reinhart did not hold an equity position in Bearing. The financing is expected to close in early January, 2012.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities. All securities issued pursuant to the private placements will be subject to a four month hold period.
The proceeds from the above financing will be used to fund the Company's planned exploration programs in the Yukon, British Columbia, Mexico and for general working capital.
Bearing has granted to employees of the Company an aggregate of 220,000 incentive stock options (the "Options") at an exercise price of $0.38 per Option. The Options will vest over a two year period from the date of grant. The Options are granted in accordance with the Company's Incentive Stock Option Plan approved on March 22, 2011. The grant of the Options is subject to the final approval of the TSX Venture Exchange.
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. Bearing has an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west from the town of Smithers, British Columbia. The Company's Mount Polley and October Dome projects are located in British Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a potential production royalty on the Boundary property, with Imperial. In the Yukon, Ryan Gold Corp. has been granted a right to earn up to 75% interest in Bearing's Flume property located within the White Gold District. Bearing also holds a portfolio of Yukon exploration properties located near Golden Predator's Clear Creek gold project and Northern Tiger's 3Ace gold project. In addition, Bearing is conducting generative exploration in Mexico and early stage exploration at the 26,474 hectare Parrandera copper-gold project located in the Mapimi region of eastern Durango, Mexico.
BEARING RESOURCES LTD.
Geoff Chater President & CEO
For further information please visit Bearing's website at www.bearingresources.ca or contact Geoff Chater at (604) 614-7830 or firstname.lastname@example.org
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to exploration results involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Bearing to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of commodities, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta. "Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.