Bear Ridge Resources Ltd.
TSX : BER

Bear Ridge Resources Ltd.

June 23, 2005 23:59 ET

Bear Ridge Resources Ltd. Closes $12 Million Private Placement Bought Deal

CALGARY--(CCNMatthews - June 23) - Bear Ridge Resources Ltd. ("Bear Ridge") is pleased to announce that it has closed its previously announced bought deal Flow-Through and Common Share private placement including the exercise by the underwriters of their option for an additional 492,600 Common Shares. Bear Ridge issued 1,492,600 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 $12,000,000 through a syndicate of underwriters led by GMP Securities Ltd. and including Tristone Capital Inc. and Canaccord Capital Corporation as underwriters. 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 has approximately 21.6 million common shares, 6.3 million preferred shares and 2.9 million preferred share purchase warrants outstanding. The common shares of Bear Ridge are listed on the Toronto Stock Exchange, under the symbol "BER".

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