Bearing Resources To Conduct $400,000 flow through Financing
Resource from: BEARING RESOURCES LTD Likes:2949
Jun 28,2012
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V Symbol BRZ.V) is pleased to announce a non-brokered private placement of up to 2,000,000 common shares to be issued on a "flow-through" basis ("Flow-Through Shares") (the "Offering"). The Flow-Through Shares will be offered at a price of $0.20 per Flow-Through Share for aggregate gross proceeds of up to $400,000.
The gross proceeds from the sale of the Flow-Through Shares will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada), and the company will use commercially reasonable efforts to ensure that such Canadian exploration expenses qualify as a flow-through mining expenditure, for purposes of the Income Tax Act (Canada)), related to the exploration of the Company's exploration projects. The company will renounce such Canadian exploration expenses with an effective date of no later than Dec. 31, 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 flow through financing will be used to fund the Company's planned exploration programs at the Zymo copper-gold project and the October Dome gold project in British Columbia.
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 is conducting exploration for precious and base metals deposits at the ~40,000 hectares Mapimi project located in the Altiplano Region of eastern Durango, 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 RESOURCES LTD)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
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