|By Marketwired .||
|June 9, 2014 02:02 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/09/14 -- Inflection Management Corporation ("Inflection"), an entity owned by Mr. Sergey Kolesnikov, announces that on May 21, 2014, it completed the first tranche of a private placement and acquired ownership and control of 23,700,000 common shares of Silver Bear Resources Inc. at a price of $0.17 per Silver Bear common share providing Silver Bear with gross proceeds of C$4,029,000.
Following the completion of the private placement, Inflection holds 19.9% of Silver Bear's issued and outstanding common shares.
In accordance with the rules of the TSX Company Manual, Silver Bear is seeking disinterested shareholder approval at its upcoming annual and special meeting of shareholders in July 2014 in order to, inter alia, obtain approval to complete a second tranche private placement by Inflection. Should shareholder approval be obtained, Inflection intends to complete a second tranche private placement pursuant to which it will acquire an additional 17,476,471 common shares which would result in Inflection holding in the aggregate 25.7% of the issued and outstanding common shares of Silver Bear.
Inflection acquired the common shares of Silver Bear for investment purposes and continues to monitor the business, prospects, financial condition and potential capital requirements of Silver Bear. Depending on its evaluation of these and other factors, Inflection may from time to time in the future increase or decrease its ownership, control or direction over the shares or other securities of Silver Bear through market transactions, private agreements, subscriptions from treasury or otherwise.
For further information, including a copy of the
corresponding report filed with Canadian
securities regulators, contact:
Inflection Management Corporation