Strategic Shareholder Maintains Equity Ownership in Barksdale
Strategic Shareholder Maintains Equity
Ownership in Barksdale
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2022) - Barksdale Resources Corp. (TSXV:
BRO) ("
Barksdale
" or the "
Company
") is pleased to announce that Teck Resources Limited ("
Teck
"),
a large shareholder of the Company and one of Canada's leading mining companies, has elected to
exercise its pro-rata equity participation rights and will subscribe for 550,000 units (the "
Units
") for
gross proceeds of $264,000 ("
Financing
").
The Units have identical terms to the financing that closed
on September 21, 2022.
Each Unit consists of one share and one-half (1/2) of one transferable share
purchase warrant, with each whole warrant entitling the holder thereof to purchase one common share at
$0.72 for a period of three years.
Following the Financing, Teck will hold approximately 9.9% of
Barksdale's equity on a partially diluted basis.
The net proceeds from the Financing will be used to advance the Company's mineral projects and for
general corporate and working capital purposes.
The Company anticipates closing will occur on or
around October 5, 2022 and all shares issued from the Financing are subject to a four month hold period
from the closing date.
The Financing is subject to approval of the TSX Venture Exchange.
No fees were
paid in connection with Teck's investment.
Teck will maintain its pro-rata ownership participation rights
for as long as it owns more than 5% of the outstanding common shares of Barksdale.
The Company also announces that further to its news release of September 6, 2022, it has received
TSX Venture Exchange acceptance to the extension by a further four (4) months, the expiry date of a
total of 7,597,836 share purchase warrants, issued September 29, 2020 and 690,790 share purchase
warrants issued October 1, 2020 (collectively, the "
Warrants
") in connection with a non-brokered private
placement.
These aggregate 8,288,826 Warrants are exercisable into 8,288,826 common shares.
They
will remain at an exercise price of $0.55 per share and will expire on January 31, 2023.
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/139206