Big Bear Mining Corp. Receives $1,000,000 From Financing Agreement and Commences Data Collection on Red Lake Property
TEMPE, Ariz., May 11 /PRNewswire-FirstCall/ — Big Bear Mining Corp. (OTC Bulletin Board: BGBR) announced today that it has received a further $1,000,000 from the share financing agreement first announced on April 1, 2010. The funds will be used for current work programs, further property acquisitions and working capital.
“This infusion of an additional $1,000,000 will allow us to commence work in Red Lake and at the same time source new property acquisitions, if we find a property of interest,” stated Steve Rix, President of Big Bear.
Under the terms of the agreement, Big Bear has the right to call upon funds for up to $1,400,000 as needed by issuing shares of its common stock at $0.70 per share. Big Bear has now received the entire $1,400,000. The Company is completing the issuance of 2,000,000 common shares now fully paid. The securities to be issued under the agreement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements.
The Company has also accepted a proposal from Billiken Management for the first phase of its exploration program on the Company’s properties in the Red Lake Mining District in Ontario, Canada. Billiken has commenced initial data acquisition and compilation work and expects to have a initial exploration program recommendation and preliminary budget outlined in two weeks.
About Big Bear Mining Corp.:
Big Bear Mining Corp. is a US based exploration and development company, focusing on the acquisition and development of gold and other precious commodity projects which demonstrate high probability for near term production. Big Bear is a fully reporting company quoted on the OTCBB under the symbol BGBR.
About Billiken Management Services Inc.
Toronto based Billiken Management is an exploration services contractor, active globally but with significant expertise in Northern Ontario and the regional geology. Most recently in Ontario Billiken has been instrumental in several of the “Ring of Fire” discoveries, and can bring to Big Bear Mining proven expertise in the execution and management of exploration programs utilizing a full range of current technologies with all the requisite qualified and independent professional support and logistical solutions.
Safe Harbor Statement: Certain statements contained in this press release that are not historical facts are “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, including expectations of management. Such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied by such forward looking statements. Forward looking statements in this press release include that we can commence work on our Red Lake property, that we may find other properties of interest, that our property targets have high probability of near term production, that Billiken expects to collect data and provide a program recommendation and budget in two weeks.
Factors which may delay or prevent these forward-looking statements from being realized include misinterpretation of data; we may not locate or agree to terms with potential partners or service providers for exploration, we may not be able to get equipment or labor as we need it; we may not be able to raise sufficient funds to complete our intended exploration or carry on operations; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the periodic reports filed by junior mineral exploration companies with the Securities and Exchange Commission, most of which risk factors apply to our company.
SOURCE Big Bear Mining Corp.