GREAT BEAR RESOURCES LTD. ("GBR")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: August 27, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a mineral agreement dated July 1, 2014 (the 'Agreement') between the Company and Steven Van Ert and Noel Cousins (collectively the 'Vendors'). Pursuant to the terms of the Agreement, the Company may acquire a 100% interest in certain mineral exploration permits on lands located in Mohave County, Arizona (the 'Property'). By way of consideration, the Company will make cash payments totaling $490,000 and will issue 1,250,000 shares at a deemed price of $0.05 per share to the Vendors over a three year period. The Company will issue an additional 2,500,000 shares to the Vendors following the completion of a bankable feasibility study. The Property is subject to a 3% NSR is favour of the Vendors, of which 1% may be repurchased by the Company for $1,500,000. The Company will also pay the Vendors 8% of the gross receipts from the sale of any non-metallic minerals produced from the Property.
Please refer to the Company's news release dated August 7, 2014 for further details.
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