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Great Bear closes C$16.7 million for exploration

Great Bear (CVE:GBR) said today it closed an over-subscribed bought-deal private placement with financing set at C$16.7 million (US$12.57 million).

Great Bear, which is exploring its Dixie property near Red Lake, Ontario, said both the offering of 1,750,000 shares, and 250,000 additional shares that were available for distribution, were fully subscribed.

The company said it issued 2,000,000 common shares that qualify as flow-through shares for the purposes of the income tax act at a price of $8.35 per flow-through common share for aggregate gross proceeds of C$16.7 million.