VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2012) - Bearing Resources Ltd. ("Bearing", or the "Company") (TSX VENTURE:BRZ) is pleased to announce the Company has closed the CDN $400,000 private placement announced on June 27, 2012. The non-brokered flow through private placement (the "Offering") consisted of 2,000,000 shares offered at a price of $0.20 per share.
The gross proceeds from the sale of the Offering 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 expenditures, 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 final approval of the TSX Venture Exchange and the securities regulatory authorities. All securities issued pursuant to the private placements are 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 hectare 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.
Geoff Chater, President & CEO
For further information please visit Bearing's website at www.bearingresources.ca.
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 uncertainties in regard to this financing, 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.