Silver Bear Resources Inc. announced that it has closed the previously announced private placement of a non-convertible promissory note by issuing a non-convertible promissory note in the principal amount of CAD 3,300,000 (inflection note) to one of the company's major shareholders, Inflection Management Corporation. The inflection note bears interest at a rate of 15% per annum until its maturity on December 31, 2016 and is non-convertible. The Private Placement was conducted on a non-brokered basis.

The company announced that effective January 12, 2016, Mr. Christopher Westdal, an independent director of Silver Bear, has been appointed non-executive Chairman of the company. Mr. Westdal replaces Mr. Robin Birchall who has resigned as Executive Chairman to devote more time to his other business interests. Mr. Birchall will remain on the board of directors of the company.