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  | | June 29, 2010
Bear Lake Gold Ltd. announces Closing of Final Tranche of Private Placement for Aggregate Proceeds of $3,763,122
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| | Longueuil, Québec: June 29, 2010. Bear Lake Gold Ltd. (the "Company" or "Bear Lake") (TSX.V: BLG) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement announced on May 28, 2010 (the "Financing").
Under the final tranche of the Financing, the Company has issued an additional 6,055,600 "flow-through" common shares of the Company ("FT Shares") at a price of $0.20 per FT Share, for gross proceeds of $1,211,120. Together with the proceeds from the first tranche closed on June 21, 2010 (please see news release issued on June 22, 2010), the Company has raised aggregate gross proceeds of $3,763,122.
In connection with FT Shares sold in tranche 2, the Company has paid aggregate cash commission of $72,667 and issued 363,336 finder's warrants, exercisable at $0.25 to acquire one common share for 24 months from closing.
All securities issued under tranche 2 of the Financing are subject to a hold period under applicable securities laws until October 30, 2010.
The Company intends to use the gross proceeds of the sale of FT Shares mainly for exploration on its Larder Lake project. The Company intends to use the net proceeds from the sale of Units for general corporate purposes and exploration work.
About Bear Lake Gold
Bear Lake Gold is engaged in the exploration of gold and precious mineral properties in North America. Additional information about the Company is available on the Company's website, www.bearlakegold.comand on SEDAR at www.sedar.com.
Neither 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.
For further information please contact:
Francois Viens
President and CEO
Bear Lake Gold Ltd. Tel: 450-677-1009
Fax: 450-677-2601
fviens@bearlakegold.com |
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| | You can view the Next News Releases item: Wed Jul 14, 2010, Bear Lake Gold Drill Program begins at Larder Lake
You can view the Previous News Releases item: Tue Jun 22, 2010, Bear Lake Gold Ltd. announces Closing of Tranche 1 of Private Placement for $2,552,002 and Drilling Program to Start
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