Bear Creek Mining Announces Closing of Brokered Private Placement
Bear Creek Mining (BCEKF) has successfully closed a brokered private placement, raising C$14.5 million through the issuance of 64,445,000 common shares at C$0.225 per share. The offering was underwritten by BMO Capital Markets and Canaccord Genuity Corp., with a 6% commission paid on 38,667,000 shares.
Sandstorm Gold and Equinox Gold Corp. each participated by purchasing 32,222,500 shares (12,889,000 net after concurrent sale). Post-offering, Sandstorm and Equinox hold approximately 19.98% and 13.10% of total shares, respectively.
The proceeds will fund:
- Exploration and resource drilling at Mercedes mine in Mexico
- Construction of ventilation raise bore and secondary escape way at Marianas deposit
- Reduction of Mercedes' trade payables
Notably, the company reported a significant working capital deficiency of US$93.2 million as of September 30, 2024, raising going concern risks.
Bear Creek Mining (BCEKF) ha concluso con successo una collocazione privata mediata, raccogliendo C$14,5 milioni attraverso l'emissione di 64.445.000 azioni ordinarie a C$0,225 per azione. L'offerta è stata sottoscritta da BMO Capital Markets e Canaccord Genuity Corp., con una commissione del 6% pagata su 38.667.000 azioni.
Sandstorm Gold e Equinox Gold Corp. hanno partecipato acquistando 32.222.500 azioni (12.889.000 netti dopo la vendita concomitante). Dopo l'offerta, Sandstorm ed Equinox detengono rispettivamente circa il 19,98% e il 13,10% delle azioni totali.
I proventi finanzieranno:
- Esplorazione e perforazione di risorse presso la miniera di Mercedes in Messico
- Costruzione di un pozzo di ventilazione e di una via di fuga secondaria presso il deposito di Marianas
- Riduzione dei debiti commerciali di Mercedes
È importante notare che l'azienda ha segnalato una significativa carenza di capitale circolante di US$93,2 milioni al 30 settembre 2024, aumentando i rischi di continuità aziendale.
Bear Creek Mining (BCEKF) ha cerrado con éxito una colocación privada mediada, recaudando C$14.5 millones a través de la emisión de 64,445,000 acciones ordinarias a C$0.225 por acción. La oferta fue suscrita por BMO Capital Markets y Canaccord Genuity Corp., con una comisión del 6% pagada sobre 38,667,000 acciones.
Sandstorm Gold y Equinox Gold Corp. participaron comprando 32,222,500 acciones (12,889,000 netas después de la venta concurrente). Después de la oferta, Sandstorm y Equinox poseen aproximadamente el 19.98% y el 13.10% de las acciones totales, respectivamente.
Los fondos se destinarán a:
- Exploración y perforación de recursos en la mina Mercedes en México
- Construcción de un pozo de ventilación y una vía de escape secundaria en el depósito de Marianas
- Reducción de las cuentas por pagar de Mercedes
Es notable que la empresa reportó una deficiencia significativa en el capital de trabajo de US$93.2 millones al 30 de septiembre de 2024, aumentando los riesgos de continuidad.
베어 크릭 마이닝 (BCEKF)는 중개된 사모 배정을 성공적으로 마감하고 C$1450만을 모금했습니다. 이는 주당 C$0.225에 64,445,000주를 발행한 결과입니다. 이번 공모는 BMO 캐피탈 마켓과 캐나다 고유티 코퍼레이션이 인수했으며, 38,667,000주에 대해 6%의 수수료가 지급되었습니다.
샌드스톰 골드와 이퀴녹스 골드 코퍼레이션은 각각 32,222,500주(동시 판매 후 12,889,000주)를 구매하여 참여했습니다. 공모 후, 샌드스톰과 이퀴녹스는 각각 전체 주식의 약 19.98%와 13.10%를 보유하고 있습니다.
모금된 자금은 다음에 사용됩니다:
- 멕시코 메르세데스 광산의 탐사 및 자원 시추
- 마리아나 광산의 환기 구멍 및 보조 탈출 경로 건설
- 메르세데스의 상거래 채무 감소
특히, 회사는 2024년 9월 30일 기준으로 US$9320만의 상당한 운영 자본 부족을 보고하여 지속 가능성 위험을 증가시켰습니다.
Bear Creek Mining (BCEKF) a réussi à clore une placement privé médié, levant C$14,5 millions par l'émission de 64.445.000 actions ordinaires à C$0,225 par action. L'offre a été souscrite par BMO Capital Markets et Canaccord Genuity Corp., avec une commission de 6 % payée sur 38.667.000 actions.
Sandstorm Gold et Equinox Gold Corp. ont chacune participé en achetant 32.222.500 actions (12.889.000 nettes après vente concomitante). Après l'offre, Sandstorm et Equinox détiennent respectivement environ 19,98 % et 13,10 % des actions totales.
Les fonds serviront à financer :
- Exploration et forage de ressources à la mine Mercedes au Mexique
- Construction d'un puits de ventilation et d'une voie d'évacuation secondaire au dépôt de Marianas
- Réduction des dettes commerciales de Mercedes
Il est à noter que l'entreprise a signalé une insuffisance de fonds de roulement significative de US$93,2 millions au 30 septembre 2024, augmentant les risques de continuité.
Bear Creek Mining (BCEKF) hat erfolgreich eine vermittelte Privatplatzierung abgeschlossen und C$14,5 Millionen durch die Ausgabe von 64.445.000 Stammaktien zu einem Preis von C$0,225 pro Aktie gesammelt. Das Angebot wurde von BMO Capital Markets und Canaccord Genuity Corp. gezeichnet, wobei eine Provision von 6 % auf 38.667.000 Aktien gezahlt wurde.
Sandstorm Gold und Equinox Gold Corp. haben jeweils 32.222.500 Aktien (12.889.000 netto nach gleichzeitiger Veräußertung) erworben. Nach dem Angebot halten Sandstorm und Equinox etwa 19,98 % bzw. 13,10 % der Gesamtaktien.
Die Erlöse werden verwendet für:
- Erkundung und Ressourcensondierung in der Mercedes-Mine in Mexiko
- Bau eines Belüftungsbohrlochs und eines sekundären Fluchtweges im Marianas-Vorkommen
- Reduzierung der Verbindlichkeiten von Mercedes
Bemerkenswert ist, dass das Unternehmen zum 30. September 2024 einen erheblichen Mangel an Betriebskapital von US$93,2 Millionen gemeldet hat, was die Risiken der Unternehmensfortführung erhöht.
- Successful raise of C$14.5 million through private placement
- Support from major shareholders Sandstorm and Equinox maintaining significant ownership positions
- Secured temporary interest payment deferrals on existing debt
- Significant working capital deficiency of US$93.2 million as of September 30, 2024
- Going concern risk explicitly stated in financial statements
- Additional debt taken through US$6.5 million credit extension from Sandstorm
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2025) - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") is pleased to announce that further to the Company's news release dated March 4, 2025, the bought deal private placement of 64,445,000 common shares of the Company (each, a "Share" and collectively, the "Shares"), at a price of C
The Offering was underwritten by BMO Capital Markets, as sole bookrunner, and Canaccord Genuity Corp. (collectively, the "Underwriters"). The Company paid the Underwriters a cash commission of
The Shares issued under the Offering are subject to certain resale restrictions including a hold period of four months and a day from the closing date of the Offering.
Each of Sandstorm Gold Ltd. ("Sandstorm") and Equinox Gold Corp. ("Equinox") participated in the Offering. Each of Sandstorm and Equinox purchased 32,222,500 Shares on a gross basis pursuant to the Offering, or 12,889,000 Shares on a net basis after giving effect to Equinox and Sandstorm concurrently disposing of 19,333,500 Shares to an arm's length third-party at the Offering Price immediately prior to the closing of the Offering (the "Concurrent Sale"). The Company did not receive any proceeds from the Concurrent Sale. Prior to the Concurrent Sale and the Offering, Sandstorm and Equinox held 45,492,399 and 25,397,160 Shares, respectively, which represented approximately
Each of Equinox and Sandstorm are a "related party" of the Company and the Offering will constitute a "related party transaction" (as each term is defined in the policies of the TSX Venture Exchange and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relies on the specified markets exemption from the formal valuation requirement set forth in subsection 5.5(b) of MI 61-101 and the financial hardship exemption from the minority shareholder approval requirements set out in subsection 5.7(1)(c) of MI 61-101.
The Company intends to use net proceeds of the Offering to support exploration and resource drilling at the Company's Mercedes mine in Mexico ("Mercedes"), to build a ventilation raise bore and secondary escape way at the Marianas deposit at Mercedes to ensure safe production and for general working capital purposes, the latter of which will include reducing Mercedes' trade payables over the next quarter.
Further to the Company's news release dated March 4, 2025, the Company also announces that (i) the amending agreements with each of Sandstorm and Equinox to temporarily defer the payment of interest under certain outstanding debt arrangements; and (ii) the extension of up to US
The securities that have been offered and sold in the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or exemptions from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the U.S., nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.
On behalf of the Board of Directors,
Eric Caba
President and Chief Executive Officer
For further information contact:
Barbara Henderson - VP Corporate Communications
Direct: 604-628-1111
E-mail: barb@bearcreekmining.com
www.bearcreekmining.com
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Cautionary Statement Regarding Forward-Looking Statements
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information can often be identified by forward-looking words such as "intend" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation: the proposed use of proceeds of the Offering; receipt of approval and acceptance from TSX Venture Exchange regarding the Debt Amendments; and issuance of a press release on closing of the Debt Amendments. These forward-looking statements are provided as of the date of this news release, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them.
In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to assumptions related to the Company's operating results, business objectives, goals and capabilities. Although management considers the assumptions underlying its forward-looking statement to be reasonable based on information available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and the risk exists that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but may include additional risks as described in the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR+. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law.
In its last reported financial results as of September 30, 2024, the Company had a working capital (current assets minus current liabilities) deficiency of US
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244080
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