VANCOUVER, BRITISH COLUMBIA, Jul 11, 2011 (MARKETWIRE via COMTEX) -- Bearing Resources Ltd. ("Bearing", or the "Company") (tsx venture:BRZ) is pleased to announce that the Company has closed the $6 million private placement announced on June 24 and June 28, 2011. The non-brokered private placement consisted of 8,333,334 units ("Units") and 5,952,380 common shares to be issued on a "flow-through" basis ("Flow-Through Shares") (the "Offering"). Each Unit is comprised of one common share of the Company ("Common Share") and one half of a common share purchase warrant (a "Warrant"). The Units were offered at a price of $0.42 per Unit and the Flow-Through Shares were offered at a price of $0.42 per Flow-Through Share for aggregate gross proceeds of $6 million. Each whole Warrant will be exercisable for one common share of the Company until July 8, 2012 at an exercise price of $0.60. The securities bear a four month and one day hold period.
Geoff Chater, President and CEO, commented, "With the proceeds from the private placement, Bearing has approximately $7.5 million to undertake our exploration programs and to expand our property portfolio. We intend to conduct an extensive exploration program at the Zymo copper-gold porphyry in British Columbia, which includes drilling of known targets and prospecting in areas with promising sampling results. Field work will also be carried out at the Company's October Dome project in British Columbia, its Yukon properties and in Mexico. We will continue to evaluate prospects through our generative exploration efforts and review the many opportunities that continue to be offered to the Company."
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. Bearing has an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west from the town of Smithers, British Columbia. The Company's Mount Polley and October Dome projects are located in British Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a potential production royalty on the Boundary property, with Imperial. In the Yukon, Ryan Gold Corp. has been granted a right to earn up to 75% interest in Bearing's Flume property located within the White Gold District. Bearing also holds a portfolio of Yukon exploration properties located near Golden Predator's Clear Creek gold project and Northern Tiger's 3Ace gold project. In addition, Bearing is conducting generative exploration in Mexico and early stage exploration at the 26,849 hectares Parrandera copper-gold project located in the Mapimi region of eastern Durango, Mexico.
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