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TORONTO, ONTARIO--(Marketwired - Sept. 18, 2013) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) today announces that it has entered into unsecured promissory notes with Aterra Investments Limited ("Aterra") and with Forbes & Manhattan, Inc. ("F&M"), pursuant to which Aterra and Forbes have each agreed to lend the Company CAD$500,000 respectively for a total of CAD$1,000,000. Silver Bear intends to use the proceeds of the promissory notes to finance the further development of the Mangazeisky project, including without limitation, towards the payment of licence fees and towards a drill program and for general working capital purposes. Amounts outstanding under the promissory notes will incur interest at a rate of 20% per year and the notes mature on December 9, 2013. The promissory notes are unsecured. Mr. Boris Granovsky, a director of the Company is also an officer of Aterra. Mr. Stan Bharti, a director of the company is also the executive chairman of F&M. |
