Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) has increased the size of its previously announced placement due to demand.
Yesterday, the firm said it was poised to raise around C$5.45 million gross via the bought deal private placement via the sale of 1 million shares.
READ: Great Bear Resources set to bring in C$5.45 million through bought-deal financing to advance Ontario projects
Today, in a regulatory statement, it said it will lift that to 1.5 million shares still at a price of $5.45 each, to raise gross proceeds of around C$8.2 million.
Cormark Securities is lead underwriter of a syndicate, which includes Canaccord Genuity, which will buy the shares.
"Interest in this placement from top tier investors whom we are pleased to include as shareholders has exceeded our capacity to accommodate within the terms announced on Wednesday," said Chris Taylor, CEO of Great Bear. "We are therefore pleased to announce expansion of the placement, and know that we will benefit from the added flexibility this additional funding will provide at the exploration level at Dixie."
Great Bear has also granted the underwriters an option to sell up to a further 500,000 flow-through shares at the offer price up to the closing date.
The offering is scheduled to close on or around July 3 this year, subject to certain conditions, including TSX Venture Exchange approval.
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