TSX-V: GBR
VANCOUVER, April 24, 2020 /CNW/ - Great Bear Resources
Ltd. (TSX-V: GBR) (the "Company" or "Great Bear") is
pleased to announce that Great Bear shareholders
("Shareholders") approved the plan of arrangement (the
"Arrangement") with Great Bear Royalties Corp. ("Great
Bear Royalties") at the special meeting of Shareholders held
yesterday (the "Meeting").
Under the Arrangement, the owners of common shares of Great Bear
(each a "GBR Share") are entitled to receive one-fourth of a
common share of Great Bear Royalties for each GBR Share held
immediately prior to the closing of the Arrangement, which is
expected to be on or about May
5th, 2020. Following the Arrangement, Great
Bear Royalties will no longer be a wholly owned subsidiary of Great
Bear.
The Arrangement was approved by 99.54% of the votes cast by
Shareholders, with Shareholders holding 21,768,565 GBR Shares or
46.01% of the outstanding GBR Shares present in person or
represented by proxy at the Meeting.
Shareholders also approved the share option plan of Great Bear
Royalties (the "Royalties Option Plan") at the Meeting. The
Royalties Option Plan was approved by 97.14% of the votes cast by
Shareholders, with Shareholders holding 21,145,180 GBR Shares or
44.68% of the outstanding GBR Shares present in person or
represented by proxy at the Meeting.
The Company intends to make an application to the Supreme Court
of British Columbia (the
"Court") for a Final Order on April
28, 2020.
This announcement is for informational purposes only and does
not constitute a solicitation or a proxy.
About Great Bear
Great Bear Resources Ltd. is a well-financed gold
exploration company managed by a team with a track record of
success in mineral exploration. Great Bear is focused in the
prolific Red Lake gold district in
northwest Ontario, where the
company controls over 300 km2 of highly prospective
tenure across 4 projects: the flagship Dixie Project (100%
owned), and the Pakwash Property (earning a 100% interest), the
Dedee Property (earning a 100% interest), and the Sobel Property
(earning a 100% interest), all of which are accessible year-round
through existing roads.
ON BEHALF OF THE BOARD
"Chris
Taylor"
Chris Taylor, President and
CEO
Cautionary note regarding forward-looking statements
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking statements and information include, but are not
limited to, statements with respect to timing, structure and
completion of the Arrangement, the treatment of Great Bear and
Great Bear Royalties' securities under the Arrangement and Court,
stock exchange and regulatory approvals for the Arrangement.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
actions, events or results to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: the requirement for regulatory approvals; the
impact of general business and economic conditions; enhanced
uncertainty in global financial markets as a result of the current
COVID-19 pandemic; unquantifiable risks related to government
actions and interventions; the absence of control over mining
operations from which Great Bear will purchase gold and other
metals or from which it will receive royalty payments and risks
related to those mining operations, including risks related to any
international operations, government and environmental regulation,
delays in mine construction and operations, actual results of
mining and current exploration activities, conclusions of economic
evaluations and changes in project parameters as plans continue to
be refined; accidents, equipment breakdowns, title matters, labor
disputes or other unanticipated difficulties or interruptions in
operations; problems inherent to the marketability of gold and
other metals; the inherent uncertainty of production and cost
estimates and the potential for unexpected costs and expenses;
industry conditions, including fluctuations in the price of the
primary commodities mined at such operations, fluctuations in
foreign exchange rates and fluctuations in interest rates;
government entities interpreting existing tax legislation or
enacting new tax legislation in a way which adversely affects Great
Bear or Great Bear Royalties; stock market volatility; regulatory
restrictions; liability, competition, loss of key employees and
other related risks and uncertainties.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect.
Great Bear undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed and actual future results may vary
materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information.
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SOURCE Great Bear Resources Ltd.