- Maricunga Project
- Maricunga (DFS)
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V Symbol BRZ.V) is pleased to announce that the Company has increased the $5 million private placement announced on June 24, 2011 to $6 million. The non-brokered private placement will consist of up to 8,333,334 units ("Units") and up to 5,952,381 common shares to be issued on a "flow-through" basis ("Flow-Through Shares") (the "Offering"). 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 and the Flow-Through Shares will be offered at a price of $0.42 per Flow-Through Share for aggregate gross proceeds of up to $6 million. 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.
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 financings will be used to fund the Company's planned exploration programs in the Yukon, British Columbia, Mexico and for general working capital.
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 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 at the 26,849 hectares 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 the closing of the Offering, the price of the Offering, the use of proceeds, and the exercise of the Company's option agreements. By their nature forward looking statements 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."