/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 18 /CNW/ - Silver Bear Resources Inc. (TSX:SBR) is pleased
to announce that it has completed the sale today of 700,000 common shares at a
price of C$3.00 per common share pursuant to the exercise in part of an
over-allotment option by an underwriting syndicate co-led by RBC Capital
Markets and Merrill Lynch & Co., and including GMP Securities L.P. and
Wellington West Capital Markets Inc. The over-allotment option was granted by
the Company to the underwriters in connection with the Company's initial
public offering which was completed on December 19, 2007. Including the
over-allotment shares, the offering totalled 10,700,000 common shares for
aggregate gross proceeds to the Company of approximately C$32.1 million.
The net proceeds from the offering and the exercise of the over-allotment
option will be used by the Company primarily to fund the resource development
and exploration of its Mangazeisky Silver Project and Avlayakan Gold Project
in the Russian Federation.
The securities offered have not been registered under the U.S. Securities
Act of 1933 (the "1933 Act"), as amended and may not be offered or sold in the
United States except pursuant to available exemptions from the registration
requirements of the 1933 Act and applicable blue-sky laws and as are agreed to
by the Company and the underwriters. This release does not constitute an offer
for sale of securities in the United States.
Silver Bear Resources Inc.
Silver Bear is a resource company engaged in the exploration of
prospective silver and other precious metal properties in Russia. Silver
Bear's principal asset is its 100%-owned Mangazeisky silver project located in
the Republic of Sakha, Yakutia, in the Russian Federation. For further
details, please visit www.silverbearresources.com.
For further information:
For further information: Randall Oliphant, President and Chief Executive
Officer, (416) 324-6000, firstname.lastname@example.org; Brian Penny, CFO,
VP Finance and Corporate Secretary, (416) 324-6002,
email@example.com; Julie Taylor Pantziris, Director, Regulatory
Affairs and Investor Relations, (416) 324-6015,