Barksdale Announces Update on Extension of Convertible Debenture and Securities for Debt Settlement on Accrued Interest
Barksdale Announces Update on Extension of
Convertible Debenture and Securities for Debt
Settlement on Accrued Interest
Vancouver, British Columbia--(Newsfile Corp. - December 29, 2023) - Barksdale Resources Corp.
(TSXV: BRO) (OTCQX: BRKCF) ("
Barksdale
" or the "
Company
") announces that further to the
Company's news release dated December 13, 2023 wherein it announced that it was seeking TSX
Venture Exchange ("
TSXV
") acceptance to further extend the maturity date of the secured convertible
debenture ("
Debentures
") held by Delbrook Capital Advisors Inc. ("
Delbrook
") for an additional year
until December 31, 2024 (the "
Extension
"), Delbrook has agreed to temporarily waive the payment
obligations on the Debentures until January 15, 2024 in order to give the parties time to obtain the
requisite approval of the TSXV for the Extension, the issuance of the Extension Warrants and the Interest
Debt Settlement and to enter into definitive documentation with respect to such Extension.
The
Debentures have a remaining principal amount of $1,500,000 and all other terms of the Debentures
including the conversion price will remain unchanged.
Additionally, Delbrook and the Company have agreed to a securities for debt settlement (the "
Interest
Debt Settlement
") whereby the interest accrued under the Debentures in the aggregate amount of
$187,083.00
will be exchanged for
467,708
units of the Company (each, a "
Unit
").
Each Unit will consist
of one common share of Barksdale (each a "
Common Share
") and one-half of one common share
purchase warrant (each whole warrant, a "
Warrant
"). Each Warrant shall entitle the holder to acquire one
Common Share at a price of
$0.60
for a period of 3 years from the date of issuance.
Any subsequent
interest accrued under the Debentures after December 27, 2023 shall be payable in accordance with the
terms and conditions of the Debentures.
In exchange for the Extension, the Company will also issue to Delbrook 2,777,777 common share
purchase warrants (the "
Extension Warrants
") as an extension fee. Each Extension Warrant shall
entitle the holder to acquire one Common Share at a price of $0.60 until December 31, 2024.
Barksdale Resources Corp.
, a 2023 OTCQX BEST 50 Company, is a base metal exploration
company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and
advancement of highly prospective base metal projects in North America. Barksdale is currently
advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in
the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in
central Sonora, Mexico.
ON BEHALF OF BARKSDALE RESOURCES CORP
Rick Trotman
President, CEO and Director
Terri Anne Welyki
Vice President of Communications
778-238-2333
For more information please phone 778-558-7145, email
or visit
www.BarksdaleResources.com
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/192783