Barksdale Receives $1.98 Million from Debt Repayment
Barksdale Receives $1.98 Million from Debt
Repayment
Vancouver, British Columbia--(Newsfile Corp. - February 17, 2022) - Barksdale Resources Corp.
(TSXV: BRO) (OTCQX: BRKCF) ("
Barksdale
" or the "
Company
") is pleased to announce that Regal
Resources Inc. ("
Regal
") has made a cash payment to Barksdale to fully repay its financial obligations.
In May 2021, Barksdale acquired two secured Regal loans from an arm's length third party for a
purchase price of $1,725,000 (the "
Regal Debt
"), which consisted of $1,000,000 cash and 1,345,310
common shares of Barksdale valued at $0.54/share.
The loans accrued interest at 12% per annum and
were secured by a general security and pledge agreement over Regal's assets including provision for
reimbursement of any legal expenses associated with enforcement actions.
In total, Regal paid cash
totalling
$1,985,899.93
to the Company in full settlement of the Regal Debt including principal, accrued
interest and legal expenses.
"Barksdale is very happy to have successfully, and profitably, exited our secured debt investment in
Regal.
The Company's acquisition of the Regal Debt was part of a broader effort by Barksdale last
summer to acquire Regal and consolidate the Sunnyside project in Arizona at a value of $0.37 per Regal
share.
The Company's offer was subsequently rejected by Regal's shareholders. Regal's new
management recently closed a secured debenture financing convertible into Regal units (one share and
½ warrant) at a price of $0.10/unit.
Turning to Barksdale, we look forward to an exciting and productive
2022 as we push our portfolio of projects forward with the express goal of increasing value for our
shareholders, which is our sole mission."
Barksdale and Regal will continue to move the Sunnyside project forward under the existing 2017 option
agreement.
The Company will utilize the proceeds from repayment of the Regal Debt for general
corporate and working capital purposes.
Barksdale Resources Corp.
is a base metal exploration company headquartered in Vancouver, B.C.
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 778-238-2333, 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 includes "forward-looking information" under applicable securities legislation including, but
not limited to, the Company's outlook for 2022 and ability to increase shareholder value, the
prospective nature of the Company's mineral projects and the proposed use of proceeds from the
repayment of the Regal Debt. Such forward-looking information reflects management's current beliefs
and is 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 is neither a promise nor guarantee, and is subject to
known and unknown risks and uncertainties including, but not limited to, delays in obtaining
governmental or third party approvals and permits, actual results of exploration activities,
unanticipated geologic formations, structures and characteristics, environmental risks, future prices of
base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry
as well as general business, economic, competitive, political and social uncertainties, uncertain and
volatile equity and capital markets and lack of available capital. There are no assurances that the
Company will be able to successfully advance its portfolio of mineral projects including Sunnyside,
San Antonio and San Javier as currently contemplated or at all. In addition, there is uncertainty about
the spread of COVID-19 and variants of concern 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/114067