/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, July 6, 2016 /CNW/ - Bear Creek Mining
Corporation ("Bear Creek" or the "Company") announces that it has
entered into an agreement with a syndicate of underwriters (the
"Underwriters") led by Paradigm Capital Inc. and BMO Capital
Markets, under which the Underwriters have agreed to buy on a
bought deal basis by way of a short form prospectus, 8,667,000
Common Shares (the "Common Shares"), at a price of Cdn $3.00 per Common Share for gross proceeds of Cdn
$26,001,000 (the "Offering"). In
addition, the Company has granted the Underwriters an option,
exercisable at the issue price for a period of 30 days following
the closing of the Offering, to purchase up to an additional 15% of
the offering to cover over-allotments, if any. The Offering is
expected to close on or about July 26,
2016 and is subject to Bear Creek receiving all necessary
regulatory approvals.
The Company intends to use the net proceeds from the Offering
primarily to accelerate the development pathway of its flagship
Corani silver-lead-zinc project by: commissioning detailed
engineering plans required to secure a Construction Permit;
commencing various pre-construction and infrastructure initiatives;
and solidifying its strong social licence and community
relationships. A minor portion of the proceeds will be used for
general working capital purposes. The Corani project is one of the
largest undeveloped silver deposits in the world.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
On behalf of the Board of Directors,
Andrew Swarthout
President and CEO
Regulatory footnotes: All of Bear Creek's exploration programs and
pertinent disclosure of a technical or scientific nature are
prepared by or prepared under the direct supervision of
Andrew Swarthout, P.Geo., President
and CEO, a Qualified Person ("QP") as defined in NI 43-101.
The 2015 Corani Optimized Final Feasibility Study Technical Report,
filed on July 20, 2015, was prepared
by a team of independent engineering consultants as described in
the Company's news release of June 2,
2015.
Certain disclosure in this release, including the expected use
of proceeds of the Offering, the anticipated closing date of the
Offering, and the necessity to secure regulatory approval of the
Offering, constitutes forward-looking statements that are subject
to numerous risks, uncertainties and other factors outside of the
Company's control that may cause future results to differ
materially from those expressed or implied in such forward-looking
statements. Readers are cautioned not to place undue reliance on
forward-looking statements. Bear Creek 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.
Neither the 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.
SOURCE Bear Creek Mining Corporation