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Message: Announces Bought Deal Private Placement to Raise Up to $2,013,000

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Announces Bought Deal Private Placement to Raise Up to $2,013,000

posted on May 26, 09 05:49AM

May 26, 2009

Bear Lake Gold Ltd. Announces Bought Deal Private Placement to Raise Up to $2,013,000

LONGUEUIL, QUEBEC--(Marketwire - May 26, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Bear Lake Gold Ltd. (the "Company" or "Bear Lake") (TSX VENTURE:BLG) announces plans to sell up to 6,100,000 units of its securities ("Units") at a price of $0.33 per Unit (the "Offering") under a bought deal private placement. Each Unit will consist of one common share of Bear Lake (a "Share") and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant exercisable to acquire one Share at $0.40 for a period of 24 months from the closing date of the Offering. The Company will be entitled to accelerate the expiry date of the Warrants if the closing price of the Shares on the TSX Venture ("TSXV") has exceeded $0.50 for twenty consecutive trading days at any time after four months and one day from closing of the Offering.

Primary Capital Inc. ("Primary Capital") and Dundee Securities Corporation ("Dundee Securities") are acting as agents for the Offering and, subject to certain conditions, have agreed to buy up and resell the Units. Primary Capital and Dundee Securities may appoint other qualified agents to assist with the Offering. The Units will be made available by way of private placement exemptions in British Columbia, Alberta and Ontario and the Units may be offered in other jurisdictions outside North America where they can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.

Closing of the Offering is subject to a number of conditions and the receipt of all necessary corporate and regulatory approvals, including that of the TSXV, as well as the negotiation and execution of certain documentation, including an agency agreement between the Agents and Bear Lake. Closing of the Offering is expected to take place on or about June 4, 2009.

At closing, Bear Lake will pay the Agents a cash commission equal to 7% of the gross proceeds of the Units sold, and will issue to the Agents broker warrants to acquire that number of Units equal to 7% of the number of Units sold under the Offering. Each broker warrant will be exercisable at $0.33 per Unit for a period of 24 months after closing. As well, the Company will pay the Agents' reasonable fees and expenses incurred in connection with the Offering.

The Company intends to use the gross proceeds from sale of the Units to finance its work program at the Hope Bay project in Nunavut, to continue drilling and complete a 43-101 resource estimate at Larder Lake and for general working capital purpose.

All securities issued in conjunction with the Offering will be subject to a four-month hold period under applicable securities laws and the policies of the TSXV.

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