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VANCOUVER, Oct. 21 /CNW/ - Bear Creek Mining (TSX Venture: BCM) ("Bear Creek" or the "Company") is pleased to announce that in connection with its previously announced overnight marketed public offering on October 20, 2009 (the "Offering"), it has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Capital Corp. and including Haywood Securities Inc., Paradigm Capital Inc., BMO Capital Markets, Scotia Capital Inc. and Cormark Securities Inc. (the "Underwriters") to sell 10,960,000 common shares in the Company at a price of C$3.65 per share ("Common Shares") to raise gross proceeds of C$40,004,000 pursuant to a short form prospectus. In addition, the Company has granted the Underwriters an over-allotment option to purchase up to that number of additional Common Shares equal to 15% of the Common Shares sold pursuant to the Offering, exercisable at any time up to 30 days from the closing of the Offering.
The Company intends to use the net proceeds from the Offering to fund the exploration and development of the Company's Corani and Santa Ana silver projects in Peru and for general working capital purposes.
The Offering is scheduled to close on or about November 4, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state of the United States in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Any public offering of securities in the United States must be made by means of an effective registration statement and a prospectus that contains detailed information about the issuer and management, as well as financial statements.
About Bear Creek:
Bear Creek is an exploration and development company with two advanced multi hundred million ounce silver deposits in Peru. The Company has completed a prefeasibility study on its Corani silver-lead-zinc deposit placing 258 million ounces of silver into reserves and has initiated a feasibility study on its Santa Ana silver deposit anticipated to be completed in mid-2010. Both projects are 100% owned by Bear Creek and are expected to provide two important development opportunities for the aggregate production of approximately 15 million ounces silver per year, plus base metals credits. Additionally, the Company maintains an aggressive gold-focused exploration program.
All of Bear Creek's exploration programs and pertinent disclosure of a technical or scientific nature are prepared by or prepared under the direct supervision of Marc Leduc, P. Eng., the Chief Operating Officer and Andrew Swarthout, P.Geo., the President and CEO, who serve as the Qualified Persons under the definitions of NI 43-101.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Company are forward-looking statements that involve various certain risks and uncertainties. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals, risks inherent in the mineral exploration and production industry, and other risks detailed herein and in the preliminary prospectus and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE Bear Creek Mining Corporation
For further information: For further information: Andrew Swarthout - President and CEO, or Patrick De Witt - Investor Relations, Phone: (604) 685-6269, Direct: (604) 628-1111, E-mail: firstname.lastname@example.org; For further information, please visit the Company's website (www.bearcreekmining.com)