/EINPresswire.com/ -- TORONTO, ONTARIO--(Marketwired - Aug 30, 2017) - A.B. Aterra Resources Ltd. ("Aterra") announces that it has delivered to Silver Bear Resources Plc ("Silver Bear") a notice of conversion under a 15% convertible promissory note due December 31, 2017 (the "Convertible Note") issued by Silver Bear.

In its notice of conversion, Aterra exercised the right to convert its entire C$4,505,144.18 principal amount and all of the C$1,171,268.90 accrued and unpaid interest thereon into ordinary shares of Silver Bear ("Ordinary Shares") at a conversion price equal to C$0.045 per Ordinary Share (the "Conversion"). As a result of the Conversion, Aterra will cease to hold any Convertible Notes and will acquire 126,142,513 Ordinary Shares from treasury.

The Convertible Notes, of which an aggregate principal amount of C$18,020,576.71 is outstanding on identical terms, are held by Aterra and another holder. Based on there being 163,248,351 issued and outstanding Ordinary Shares as of August 18, 2017, Aterra previously held 40,468,579 Ordinary Shares representing approximately 24.8% of such issued and outstanding Ordinary Shares, and its Convertible Note represented 25.0% of the principal amount of the outstanding Convertible Notes.

On the basis that the other holder of Convertible Notes has announced that it will also convert all of the outstanding principal amount of its notes and the accrued and unpaid interest thereon, but assuming no other new issuances of Ordinary Shares prior to the completion of the conversions by both Aterra and such other holder, it is anticipated that Silver Bear will have an aggregate of 668,047,513 Ordinary Shares outstanding immediately thereafter. Of these, Aterra will hold 166,611,092 Ordinary Shares, representing approximately 24.9% of the then issued and outstanding Ordinary Shares. The Ordinary Shares acquired by Aterra upon the Conversion will represent approximately 18.9% of such total issued and outstanding Ordinary Shares.

The purpose of the Conversion by Aterra was to adjust its holdings of debt and shares of Silver Bear. Aterra will continue to monitor the business, prospects, financial condition and potential capital requirements of Silver Bear. Depending on its evaluation of these and other factors, Aterra may from time to time in the future increase or decrease its ownership, control or direction over the Ordinary Shares or other securities of Silver Bear through market transactions, private agreements, subscriptions from treasury or otherwise.

For further information, including a copy of the corresponding report filed with Canadian securities regulators, see contact information below.

Mr. Lambros Kyriakides
+357 2 500 1500
A.B. Aterra Resources Ltd.
Karaiskaki, 6, City House, 3032
Limassol, Cyprus