Barsele and Gold Line Close First Tranche of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Barsele and Gold Line Close First Tranche of Private Placement
VANCOUVER / TORONTO, January 18, 2024 – Barsele Minerals Corp. (“Barsele”) (TSXV: BME, OTC: BRSLF) and Gold
Line Resources Ltd. (“Gold Line”) (TSXV: GLDL, OTC: TLLZF) are pleased to announce that Barsele has closed the first
tranche (the “ First Tranche ”) of its $ 1 million private placement for subscription receipts of Barsele (the
“Subscription Receipts”) previously announced in a joint press release on December 13, 2023 (the “Offering”). The
First Tranche consisted of the sale and issuance of 5,122,166 Subscription Receipts at a price of $0.1 5 per Unit for
aggregate gross proceeds of $768,325.
Each Subscription Receipt will entitle the holder thereof to receive, for no additional consideration and without
further action on part of the holder thereof, at the effective time of the Transaction, one unit (each, a “ Unit”) of
Barsele. Each Unit will consist of one Barsele Share (each, a “Sub Receipt Share“) and one-half of one common share
purchase warrant (each whole common share purchase warrant, a “Warrant“). Each Warrant will entitle the holder
thereof to purchase one Barsele Share (each, a " Warrant Share") at a price equal to $0.25 per Barsele Share for a
period of two (2) years following the date of issuance of the Warrant. The Subscription Receipts, Sub Receipt Shares,
Warrants and Warrant Shares issued or issuable pursuant to the First Tranche will be subject to a statutory four -
month hold period following closing of the First Tranche.
The gross proceeds of the Concurrent Private Placement will be held in escrow pending the satisfaction of the escrow
release conditions, including closing of the arrangement involving Barsele and Gold Line, pursuant to which Barsele
will acquire all of the issued and outstanding common shares of Gold Line by way of a statutory plan of arrangement
(see joint press release dated December 13, 2023) (the "Transaction") and the satisfaction of certain other
customary conditions.
Barsele intends to use the net proceeds of the Offering for expenses related to the Transaction, working capital and
for general corporate purposes. The second and final tranche of the Offering is expected to close before January 26,
2024.
Barsele has agreed to pay a finder’s fee to certain finders in respect of those purchasers under the Offering
introduced to Barsele by such finder. Subject to the approval of the TSXV, in connection with the closing of the First
Tranche, Barsele will hold in escrow finder’s fees of $ 27,121 and 180,810 finder warrants payable to Haywood
Securities Inc., $3,465 and 23,100 finder warrants payable to Odlum Brown Ltd., and $656 and 4,375 finder warrants
payable to Canaccord Genuity Corp. The finder warrants have the same terms as the Warrants described above.
The securities described herein have not been, and will not be, registered under the United States Securities Act of
1933, as amended (the “ U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or
sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and
applicable state securities requirements or pursuant to exemptions therefrom. This press release is not an offer or
a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
NEWS RELEASE
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ABOUT BARSELE MINERALS CORP.
Barsele is a Canadian -based junior exploration company managed by the Belcarra Group, comprised of highly
qualified mining professionals. Barsele's main property is the Barsele Gold Project in Västerbottens Län, Sweden, a
joint venture with Agnico Eagle. A NI 43 -101 Technical Report on the Barsele Project with an effective date of
February 21st, 2019, was filed on SEDAR+ on April 2nd, 2019. This NI 43-101 Technical Report and Mineral Resource
Estimate (Amended) for the Barsele Property was modified and filed on SEDAR+ on December 16, 2020.
ABOUT GOLD LINE RESOURCES LTD.
Gold Line is focused on acquiring mineral properties with exceptional exploration potential in the most prolific gold-
producing regions of Sweden and Finland, both regarded as top -tier mining jurisdictions and emerging exploration
frontiers. Both countries possess prospective mineral endowments, stable tenures, straightforward permitting,
favorable tax regimes and supportive geopolitical landscapes. Gold Line's Swedish projects are located in the Gold
Line Mineral Belt and Skellefteå Belt of north-central Sweden and the Mjøsa-Vänern Belt in the southwest. In Finland,
Gold Line holds the entire underexplored Oijärvi Greenstone Belt located in the north of the country.
For further information, please contact:
Barsele Minerals Corp.
Gary Cope
President & CEO and Director
T: (604) 687-8566
W: www.barseleminerals.com
Gold Line Resources Ltd.
Taj Singh
President & CEO and Director
T: (416) 568-1027
W: www.goldlineresources.com
Forward Looking Information
This news release may contain forward -looking statements, including statements with respect to the terms of the
Offering, use of proceeds of the Offering, payment of the finder's fees, closing of the Transaction and closing of the
second and final tranche of the Offering . These statements reflect management's current estimates, beliefs,
intentions and expectations; they are not guarantees of future performance. Forward -looking statements address
future events and conditions and therefore involve inherent risks and uncertainties. Such factors include, among
other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain
additional financing, the need to comply with environmental and governmental regulations, fluctuations in the
prices of commodities, operating hazards and risks, competition and othe r risks and uncertainties, including those
described in the Company's financial statements, management discussion and analysis and/or annual information
form available on www.sedar.com. The risk factors identified in such documents are not intended to repr esent a
complete list of factors that could affect the Company. Actual results may differ materially from those currently
anticipated in such statements and the Company undertakes no obligation to update such statements, except as
required by law.
Neither 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 release.