Silver Bear Announces Issuance of Cease Trade Order by Ontario Securities Commission

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TORONTO–(BUSINESS WIRE)–Silver Bear Resources Plc (“silver bear“or the”Company“) (TSX: SBR) announces today, following our March 16, 2022 press release, that the Company will receive a Cease Trade Order (“CTO”) from the Securities Commission Ontario Securities Corporation (“OSC”) for failing to file the following periodic disclosure documents (collectively “Annual deposits”) on the filing deadline of March 31, 2022, namely:

  • the audited annual financial statements for the year ended December 31, 2021;

  • the management report relating to the audited annual financial statements for the year ended December 31, 2021;

  • the annual information form for the year ended December 31, 2021; and

  • certification of the above filings as required by National Instrument 52-109 – Declaration of disclosure in the annual and interim documents of issuers.

As announced on March 16, 2022, the Company was unable to pay its auditors BDO LLP (“BDO”) due to Russian government restrictions on international payments and BDO suspended the completion of the 2021 audit of the society. The Company continues to work with BDO to resolve the non-payment of the outstanding invoice to BDO’s satisfaction and to complete the annual filings which were at an advanced stage. Once the Company has satisfied the OSC requirements, it will seek to have the OSC CTO removed. The Company will continue to closely monitor the evolution of the sanctions.

Notwithstanding the OTC, a beneficial holder of securities of the Company who is not, and was not on the date of the OTC, an insider or control person of the Company, may sell securities of the Company acquired before the OTC date if the following conditions apply: (a) the sale is made through a “foreign organized regulated market”, as defined in article 1.1 of the Universal Rules of Investment Industry Regulatory Organization of Canada Market Integrity; and (b) the sale is made through a registered securities dealer in a jurisdiction of Canada in accordance with applicable securities laws. Holders of securities of the Company are urged to consult their own investment advisors or legal advisors regarding the implications of the OTC.

The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is no other material information relating to the business of the Company that has not been generally disclosed as of the date of this press release.

About the Silver Bear

Silver Bear (TSX: SBR) is focused on developing its wholly-owned Mangazeisky silver project, covering a license area of ​​approximately 570 km2 which includes the high-grade Vertikalny deposit (among the highest-grade silver deposits in the world), located 400 km north of Yakutsk in the Republic of Sakha within the Russian Federation. In April 2018, the Company reached its first silver production following commissioning activities and on July 1, 2019, the Company reached full commercial production. Additional information relating to Silver Bear is available on SEDAR at www.sedar.com and on the Company’s website at www.silverbearresources.com.

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