Bearing Announces Agreement with Golden Predator




Bearing Announces Agreement with Golden Predator

03-Jan-2017

Vancouver, British Columbia – Bearing Resources Ltd. (the “Company” or “Bearing”) (TSX.V: BRZ) announces that it has entered into a property purchase agreement (the “Purchase Agreement”) with Golden Predator Mining Corp. (TSX.V: GPY; OTCQX:NTGSF) (“Golden Predator”) pursuant to which Golden Predator has agreed to purchase all of the Company’s interest in certain mineral claims (the “Claims”) located in the Upper Hyland River area in the southeast region of the Yukon Territory (the “Transaction”).

As partial consideration for the Claims, Golden Predator will pay to the Company an aggregate cash payment of $275,000, payable over 48 months from the execution date of the Purchase Agreement (the “Execution Date”). In addition, Golden Predator will issue 35,000 common shares to the Company on the Execution Date, and a further 50,000 common shares on the date that is 8 months from the Execution Date. Golden Predator has also agreed to issue up to $600,000 worth of common shares to the Company on the dates that are 20 months, 32 months, and 48 months from the Execution Date, having a deemed price per common share equal to the greater of the Minimum Price and the 21-day VWAP (as such terms are defined in the Purchase Agreement).
 
Under the terms of the Purchase Agreement, Golden Predator will also grant to the Company a 2% net smelter return royalty on certain claims and a 1% net smelter returns royalty on the remaining claims (the “NSR”). Golden Predator has the right to re-purchase 50% of the NSR for the purchase price of $1,000,000 at any time.
 
Completion of the Transaction is conditional on the Company’s completion of its previously announced transaction with Li3 Energy Inc. (the “Li3 Transaction”) and remains subject to the approval of the TSX Venture Exchange.
Jeremy Poirier, President and Chief Executive Officer of the Company commented: “We are very pleased to have entered into this agreement with Golden Predator and believe this transaction is an excellent opportunity for the Company to take advantage of a strong gold market moving forward. We look forward to becoming a shareholder of Golden Predator.”

ON BEHALF OF THE BOARD

Signed "Jeremy Poirier"
Jeremy Poirier, Director President and CEO

FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier | Director President & CEO
Phone: + 1 604 722 9842
Email: [email protected]


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.

About Bearing Resources Ltd.

Bearing is an exploration and development company. On December 9, 2016, it entered into a Binding LOI agreement (the “Binding LOI”) with Li3 Energy Inc. to acquire the advanced advanced-stage Maricunga project located in Chile (the “Maricunga Project”), which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the Binding LOI, Bearing will have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.

 


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CORPORATE DIRECTORY

 

Mailing Address

#810-789 West Pender Street,
Vancouver BC,
V6C 1H2 (View Map)

Contact Information

Gil Playford, Chairman, CEO and Director
Ryan Smith, Chief Financial Officer
Phone: +1 604 262 8835 ext. 105
Email: [email protected]

 
Ray Baterina, Corporate Secretary 
Phone: +1 604 262 8835 ext. 101
Email: [email protected]

 

Solicitors

Bennett Jones LLP
Vancouver, BC

Auditor

DMCL
Vancouver, BC 

Transfer Agent & Registrar

Computershare Investor Services Inc.
Vancouver, BC and Toronto, ON
 

 

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