Bear Ridge Resources Ltd.
TSX : BER

Bear Ridge Resources Ltd.

June 08, 2005 23:59 ET

Bear Ridge Resources Ltd. Announces $10.35 Million Private Placement Bought Deal

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR THE DISSEMINATION IN THE UNITED STATES

CALGARY--(CCNMatthews - June 8) - Bear Ridge Resources Ltd. ("Bear Ridge") announced today that it has entered into a bought deal private placement of 1,000,000 common shares at $3.35 per share and 1,627,900 flow through shares at $4.30 per share for total gross proceeds of approximately $10,350,000. The common shares will be issued through a syndicate of underwriters led by GMP Securities Ltd. and includes Tristone Capital Inc. and Canaccord Capital Corporation as underwriters. In addition the syndicate has been granted an option exercisable prior to closing of up to an additional 492,000 common shares at a price of $3.35 per share for gross proceeds of approximately $1,650,200 which would increase the total offering to approximately $12,000,000. Closing is expected to take place on or about June 23, 2005 and is subject to normal regulatory approvals. The net proceeds received from the sale of the Common and Flow Through Shares will be used to fund the continued exploration and development of Bear Ridge's properties.

Bear Ridge is a junior Canadian exploration, development and production company with operations focused in the West Central and Peace River Arch areas of Alberta. Bear Ridge common shares are listed on the TSX under the symbol "BER", and the Company will have approximately 20 million common shares, 6.3 million preferred shares and 2.9 million preferred share purchase warrants outstanding after closing this issue if the full option is exercised.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

Contact Information

  • Bear Ridge Resources Ltd.
    Russell J. Tripp
    Chairman and Chief Executive Officer
    (403) 537-8440
    or
    Bear Ridge Resources Ltd.
    Douglas C. Hibbs
    President
    (403) 537-8440
    or
    Bear Ridge Resources Ltd.
    Brian A. Baker
    Vice President, Finance and Chief Financial Officer
    (403) 537-8440
    (403) 537-8450 (FAX)
    or
    Bear Ridge Resources Ltd.
    2200, 330 - 5th Avenue S.W.
    Calgary, Alberta T2P 0L4