In December 2021, Kinross made a C$29 per share, 40% premium offer to acquire Great Bear and its Dixie high-grade gold project in the Red Lake district of Ontario, Canada. This valued Great Bear at about C$1.8 billion.

Institutional Shareholder Services (ISS) said shareholder approval is warranted "due to the significant premium, favourable market reaction, reasonable strategic rationale and the absence of significant governance concerns". 

Meanwhile Glass Lewis & Co said: "The company undertook a lengthy and competitive sale process prior to agreeing to a deal with Kinross, which in turn should provide shareholders with a reasonable degree of assurance that the proposed merger likely represents the best available strategic alternative."

A special meeting of shareholders in connection with the proposed acquisition by Kinross Gold will be held on February 14. Shareholders can vote ahead of the meeting with a deadline of 10:00 Pacific Standard Time (18:00 GMT) on February 10.

A recent presentation provided by Great Bear Resources showed that Kinross began its engagement under a confidentiality agreement with Great Bear in March 2018. During this time, Kinross undertook two site visits to the flagship Dixie Project, which comprises 91.4sq km of contiguous claims over a 22km area and covers an 18km gold target. 

Great Bear Resources last traded on the Toronto Stock Exchange at C$28.15/share, drifting slightly lower on the day, while Kinross Gold last traded at C$6.69/share, approximately 1.3% lower on the day.