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May 12, 2010 (FinancialWire) — Big Bear Mining Corp. (OTCBB: BGBR) said that it has received an additional $1 million from a share financing agreement.  

The company said that the funds will be used for current work programs, further property acquisitions and working capital.  

Under the terms of the agreement, Big Bear has the right to call upon funds for up to $1.4 million as needed by issuing shares of its common stock at $0.70 per share. Big Bear has now received the entire $1.4 million.

The company is completing the issuance of two million common shares now fully paid. Big Bear said it has also accepted a proposal from Billiken Management for the first phase of its exploration program on the company's properties in the Red Lake Mining District in Ontario, Canada.

Billiken has begun initial data acquisition and compilation work and expects to have a initial exploration program recommendation and preliminary budget outlined in two weeks, according to Big Bear.

Arizona-based Big Bear Mining is an exploration and development company, focusing on the acquisition and development of gold and other precious commodity projects that demonstrate high probability for near term production.

Toronto-based Billiken Management is an exploration services contractor, active globally but with significant expertise in Northern Ontario and the regional geology.  

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