Mr. Chris Taylor reports

GREAT BEAR CLOSES PREVIOUSLY ANNOUNCED BOUGHT DEAL PRIVATE PLACEMENT RAISING GROSS PROCEEDS OF C$33 MILLION

Great Bear Resources Ltd. has closed the bought deal private placement announced on May 12, 2020.

Pursuant to the offering, the company issued a total of 1,470,600 common shares of the company that qualify as flow-through shares for the purposes of the Income Tax Act (Canada) at a price of $17 per flow-through share and 725,000 common shares of the company at a price of $11.04 per common share for aggregate gross proceeds of $33,004,200.

The offering was completed through a syndicate of underwriters led by Canaccord Genuity Corp. and which included Cormark Securities Inc., PI Financial Corp., Stifel GMP, BMO Nesbitt Burns Inc., Eight Capital, National Bank Financial Inc. and Paradigm Capital Inc. In consideration for their services, the underwriters received an aggregate cash commission equal to 6 per cent of the gross proceeds of the offering.

The gross proceeds from the sale of flow-through shares will be used to incur Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) related to Great Bear's projects in Ontario. The company will renounce these expenses to the purchasers with an effective date of no later than Dec. 31, 2020. The net proceeds from the sale of common shares will be used to finance exploration activities and for general corporate purposes.

The offered shares have a hold period of four months and one day from closing, expiring on Oct. 5, 2020.

Great Bear has approximately $53-million in cash and is fully financed for continuous exploration drilling through 2022. Updated exploration program plans will be provided by the company in the near future.

Webinar

The company would like to invite interested shareholders to join Great Bear management for a webinar detailing recent progress in the company's continuing, fully financed 110,000-metre drill program at its 100-per-cent-owned Dixie property in the Red Lake district of Ontario.

The webinar will take place on Thursday, June 11, at 11:15 a.m. Pacific Time/2:15 p.m. Eastern Time. Management will be available to answer questions following the presentation.

For those unable to participate, a recording of the webinar will be posted to the company's website following the live broadcast.

About Great Bear Resources Ltd.

Great Bear is a well-financed gold exploration company managed by a team with a record of success in mineral exploration. Great Bear is focused in the prolific Red Lake gold district in Northwest Ontario, where the company controls over 300 square kilometres of highly prospective tenure across four projects.

We seek Safe Harbor.