TORONTO, ONTARIO--(Marketwired - Aug. 19, 2014) - Inflection Management Corporation ("Inflection"), an entity owned by Mr. Sergey Kolesnikov, announces that on August 18, 2014, it completed the second of two tranches of a private placement and acquired ownership and control of 17,476,471 common shares of Silver Bear Resources Inc. at a price of $0.17 per Silver Bear common share.
Following the completion of this private placement, Inflection holds in the aggregate 41,176,471 common shares representing 25.7% of Silver Bear's issued and outstanding common shares.
Silver Bear obtained approval to complete the private placement by its disinterested shareholders on July 10, 2014.
Inflection acquired the common shares of Silver Bear for investment purposes and continues to monitor the business, prospects, financial condition and potential capital requirements of Silver Bear. Depending on its evaluation of these and other factors, Inflection may from time to time in the future increase or decrease its ownership, control or direction over the shares or other securities of Silver Bear through market transactions, private agreements, subscriptions from treasury or otherwise.