White Bear Resources Inc.
TSX VENTURE : WBR

October 05, 2011 19:51 ET

White Bear Announces Conversion of Subscription Receipts

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2011) - White Bear Resources Inc. ("White Bear" or the "Company") (TSX VENTURE:WBR) is pleased to announce that, further to its news release of September 30, 2011, the 12,000,000 subscription receipts (each, a "Subscription Receipt") issued as part of the concurrent financing undertaken in connection with the Company's reverse takeover of JSC "Everest Capital" have been converted into units (each, a "Unit"). Each Unit is comprised of one common share of the Company (each, a "Share") and one share purchase warrant (each, a "Warrant"). Each Warrant will be exercisable into one Share at a price of $0.20 per Share until September 30, 2013, subject to a right of call of the Company.

Certificates representing the Shares and Warrants will be delivered to subscribers of the Subscription Receipts this week, without any additional action required or consideration payable by the subscribers. The Shares and the Warrants are subject to a four month and one day hold period, that began on the date of issuance of the Subscription Receipts.

Kinross Gold Corporation subscribed for 2,350,000 Subscription Receipts, resulting in proceeds to the Company of $235,000, which converted into 2,350,000 Shares and 2,350,000 Warrants. The Shares issued to Kinross represent approximately 9.1% of the Company's issued and outstanding Shares on an undiluted basis.

WHITE BEAR RESOURCES INC.

Byron Coulthard, President and Director

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.

Contact Information

  • White Bear Resources Inc.
    Byron Coulthard
    (604) 687-3067
    (604) 682-4309 (FAX)