Barksdale Closes Financing
Barksdale Closes Financing
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2022) - Barksdale Resources Corp.
(TSXV: BRO) (OTCQB: BRKCF) ("
Barksdale
" or the "
Company
") is pleased to announce that it has
closed the non-brokered private placement financing announced September 6, 2022 ("
Offering
"). Due
to excess demand, the Company increased the size of the Offering from the $2,000,000 originally
announced and issued a total of 4,622,917 units (the "
Units
") at a price of $0.48 per Unit for gross
proceeds of $2,219,000. Each Unit consisted of one common share and one-half (1/2) of one
transferable share purchase warrant, each whole warrant entitling the holder thereof to purchase one
common share at $0.72 for a period of three years.
Crescat Portfolio Management LLC ("Crescat"), a 10% insider of the Company and certain directors
and officers of the Company (collectively "
Insiders
") participated in the Offering for a total of 2,151,251
Units, which participation constituted a "related party transaction" for the purposes of Multilateral
Instrument 61-101,
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
"). The
Company relied upon exemptions from the formal valuation and minority shareholder approval
requirements of MI 61-101 in completing the Offering with the Insiders on the basis that the fair market
value of such participation was less than 25% of Barksdale's current market capitalization.
The net proceeds from the Offering will be used to advance the Company's mineral projects and for
general corporate and working capital purposes.
All shares issued to date under the Offering are subject
to a four month hold period expiring January 22, 2023.
In connection with the closing of the Offering, the
Company paid finders' fees of $46,435.19 and issued 96,740 non-transferable finder's warrants to
certain brokers in accordance with applicable securities laws.
Each finder's warrant entitles the holder to
purchase one common share of the Company at a price of $0.72 for a period of three years.
Barksdale Resources Corp.
is a base metal exploration company headquartered in Vancouver, BC,
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news
release contains "forward-looking information" under applicable Canadian securities legislation
including, but not limited to the Company's proposed use of proceeds from the Offering. Such forward-
looking information reflects management's current beliefs and are based on a number of estimates
and assumptions made by and information currently available to the Company that, while considered
reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from those expressed or implied by such
forward-looking information. Readers are cautioned that such forward-looking information are neither
promises nor guarantees, and are subject to known and unknown risks and uncertainties including,
but not limited to, general business, economic, competitive, political and social uncertainties,
uncertain and volatile equity and capital markets, lack of available capital, actual results of
exploration activities, environmental risks, future prices of base and other metals, operating risks,
accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in
the mining industry.
In addition, there is uncertainty about the continued spread of COVID-19, the
ongoing war in Ukraine, rising inflation and interest rates and the impact they will have on the
Company
'
s operations, supply chains, ability to access mineral properties, conduct due diligence or
procure equipment, contractors and other personnel on a timely basis or at all and economic activity
in general. All forward-looking information contained in this news release is qualified by these
cautionary statements and those in our continuous disclosure filings available on SEDAR at
www.sedar.com
.
Accordingly, readers should not place undue reliance on forward-looking information.
The Company disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, except as required by
law.
THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND
DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES AND THE COMPANY IS NOT
SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE
UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/138035