News Bureau

January 20, 2021

Silver Bear amends Facilities Agreement

Silver Bear Resources announces that, effective 31 December 2020, it has further amended its existing facilities agreement with Inflection Management Corporation Limited, a major shareholder of the Company, and Unifirm Limited, an affiliate of A.B. Aterra Resources Ltd, also a major shareholder of the Company.

The amendments to the Facilities Agreement extend the maturity dates of certain components of Tranches F, G, H and I of the Facilities Agreement issued by Inflection from 31 July 2021 and 20 September 2022, as applicable, to 20 March 2023. The Facilities Agreement Amendments have been conditionally approved by the Toronto Stock Exchange.

The Facilities Agreement Amendments are a related party transaction under Multilateral Instrument Protection of Minority Security Holders in Special Transactions because Inflection is a related party of the Company, as its major shareholder.

The Company is exempt from obtaining approval of the Company's minority shareholders as a result of the Facilities Agreement Amendments, being an amendment to a loan to the Company that has no equity or voting component. The Company will file a material change report in respect of the Facilities Agreement Amendments.

However, the material change report will be filed less than 21 days prior to the implementation of the Facilities Agreement Amendments, which is consistent with market practice and the Company deems reasonable in the circumstances.

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