Mr. Chris Taylor reports

GREAT BEAR CLOSES C$10.9 MILLION OVER-SUBSCRIBED BOUGHT DEAL PRIVATE PLACEMENT

Great Bear Resources Ltd. has closed an oversubscribed bought deal private placement financing, previously announced on June 12, 2019, and upsized on June 13, 2019, through a syndicate of underwriters led by Cormark Securities Inc. and including Canaccord Genuity Corp.

Both the upsized offering of 1.5 million shares and 500,000 additional shares that were available for distribution have been fully subscribed. The company will now issue two million common shares that qualify as flow-through shares for the purposes of the Income Tax Act (Canada) at a price of $5.45 per flow-through common share, for aggregate gross proceeds to the company of approximately $10.9-million.

The proceeds of the offering will be used to incur Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) related to Great Bear's projects in the Red Lake district of Ontario. The company will renounce these expenses to the purchasers with an effective date of no later than Dec. 31, 2019.

The flow-through shares are subject to a four-month-and-one-day hold period expiring on Nov. 4, 2019, in accordance with applicable Canadian securities laws.

In connection with the offering, the company has paid the syndicate led by Cormark a cash commission of 6 per cent of the gross proceeds of the offering and reimbursed it for certain reasonable expenses and fees.

Chris Taylor, president and chief executive officer of Great Bear, said: "Interest in this placement was overwhelming, and we've successfully raised double the funding we were initially looking for. We'd like to sincerely thank our new and existing shareholders for their continued interest in our company's success and growth, and we look forward to delivering a wealth of new exploration results from our flagship Dixie project throughout 2019 and 2020."

Great Bear is currently engaged in a 90,000-metre drill hole program at its flagship Dixie property, which is expected to continue through 2019 and 2020.

The offering is subject to final acceptance by the TSX Venture Exchange.

About Great Bear Resources Ltd.

Great Bear Resources is a well-financed company based in Vancouver, Canada, managed by a team with a record of success in the mineral exploration sector. Great Bear holds a 100-per-cent interest, royalty-free, in its flagship Dixie property, which is road accessible year-round through Highway 105, a 15-minute drive from downtown Red Lake, Ont. In addition, Great Bear is also earning a 100-per-cent royalty-free interest in the Pakwash, Dedee and Sobel properties, which cover regionally significant gold-controlling structures and prospective geology elsewhere in the Red Lake district.

We seek Safe Harbor.