/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES./
VANCOUVER, July 26, 2016 /CNW/ - Bear Creek Mining
Corporation ("Bear Creek" or the "Company") is very pleased to
announce that it has closed its bought deal short form prospectus
financing (the "Offering") through a syndicate of underwriters led
by Paradigm Capital Inc. and BMO Capital Markets and including
Raymond James Ltd., Canaccord Genuity Corp. and Haywood Securities
Inc. The Company issued 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 Underwriters also
exercised their over-allotment option to acquire an additional
1,300,050 Common Shares for additional gross proceeds of Cdn
$3,900,150. Including the
proceeds from the exercise of the over-allotment option, the total
gross proceeds of the Offering were Cdn $29,901,150 with a total of 9,967,500 Common
Shares being issued. The Underwriters received a cash fee
equal to 5% of the gross proceeds of the Offering.
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 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, 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