News Releases
| Thu Jul 17, 2008 Bear Creek Closes $24.8 Million Bought Deal Financing | |
| This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. VANCOUVER, July 17 /CNW/ - Bear Creek Mining Corporation (TSX Venture: BCM) (the "Company") has closed its underwritten financing through a syndicate of underwriters co-led by Haywood Securities Inc. and Canaccord Capital Corp and including Paradigm Capital Inc and Scotia Capital Inc. The underwriting syndicate agreed to purchase 4,225,000 units from treasury at C$5.10 per unit (the "Units") for gross proceeds of $21,547,500. Each Unit is comprised of one common share and one-half of one common share purchase warrant as described in the Company's short form prospectus dated July 10, 2008. Each whole warrant is exercisable into one common share of the Company until September 15, 2009 at a price of C$6.25. The underwriters exercised their over-allotment option to acquire an additional 630,000 Units for additional gross proceeds of $3,213,000. Including the proceeds from the exercise of the over-allotment, the total gross proceeds of the offering were $24,760,500. Net proceeds from the offering will be used to fund the exploration and development of the Company's Corani and Santa Ana Silver projects in Peru and for general corporate purposes. The proceeds are expected cover Bear Creek's exploration and development programs for at least one year; including the completion of a pre-feasibility study at Corani, a Santa Ana Scoping Study/Preliminary Economic Assessment, ongoing drilling aimed at continued resource expansion and definition of higher-grade silver mineralization at Santa Ana, obligations to Rio Tinto under its Corani agreements, and ongoing general exploration. About Bear Creek Bear Creek is focused on exploring and developing precious metals projects situated in emerging mineral districts of Peru. The Company has an exceptional track record of creating shareholder value through generative exploration programs, and is led by a management and technical team with extensive industry experience in South America. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Bear Creek Mining Corporation "Andrew T. Swarthout" Andrew T. Swarthout President and CEO For further information, Contact: Andrew T. Swarthout or Tel: (604) 685-6269 or Patrick De Witt - Investor Relations Direct: (604) 628-1111 E-mail: info@bearcreekmining.com For further information, please visit the Company's website (www.bearcreekmining.com) Regulatory footnotes: Certain disclosure in this release, including management's assessment of the Company's plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. These risks, uncertainties and other factors are disclosed in the Company's continuous disclosure filings with Canadian securities regulators including its most recent annual information form, available on www.sedar.com. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. | |