VANCOUVER, BRITISH COLUMBIA, Jan 20, 2012 (MARKETWIRE via COMTEX) — Bearing Resources Ltd. (“Bearing”, or the “Company”) is pleased to announce the Company has closed the $180,000 private placement announced on December 19, 2011. The non-brokered private placement consisted of 428,572 units (“Units) (the “Offering”). Each Unit is comprised of one common share of the Company (“Common Share”) and one half of a common share purchase warrant (a “Warrant”). The Units were offered at a price of $0.42 per Unit. Each whole Warrant will be exercisable for one common share of the Company until January 18, 2013 at an exercise price of $0.60. The securities bear a four month and one day hold period.
The proceeds from the above financing will be used to fund the Company’s planned exploration programs in the Yukon, British Columbia, Mexico and for general working capital.
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. Bearing has an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project (“Zymo”), located 45 kilometres west from the town of Smithers, British Columbia. The Company’s Mount Polley and October Dome projects are located in British Columbia adjacent to Imperial Metals Corporation’s (“Imperial”) Mt. Polley copper-gold mine and includes a potential production royalty on the Boundary property, with Imperial. In the Yukon, Ryan Gold Corp. has been granted a right to earn up to 75% interest in Bearing’s Flume property located within the White Gold District. Bearing also holds a portfolio of Yukon exploration properties located near Golden Predator’s Clear Creek gold project and Northern Tiger’s 3Ace gold project. In addition, Bearing is conducting generative exploration in Mexico and early stage exploration at the 26,474 hectare Parrandera copper-gold project located in the Mapimi region of eastern Durango, Mexico.
BEARING RESOURCES LTD.
Geoff Chater, President & CEO
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to exploration results involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Bearing to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of commodities, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
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.
Contacts:
Bearing Resources Ltd.
Geoff Chater
President & CEO
(604) 614-7830
[email protected]www.bearingresources.ca
