Barkerville Gold Mines Ltd. (TSX-V:BGM) is pleased to announce that is has closed its previously announced fully-marketed private placement of flow-through common shares of the Company, led by Canaccord Genuity Corp., together with National Bank Financial Inc., as agents.

The Company issued an aggregate of 20,588,500 flow-through common shares of the Company comprised of (i) 15,032,000 Flow-Through Shares at a price of C$0.60 per share, and (ii) 5,556,500 Flow-Through Shares at a price of C$0.58 per share, for total aggregate proceeds of C$12,241,970. The Company understands that purchasers of Flow-Through Shares at $0.60 per share may, as part of charitable donation arrangements, subsequently donate such shares to “qualified donees” as defined in the Income Tax Act (Canada).

The Company paid a total cash commission of $489,728.19 to the Agents, equal to (i) 5% of the gross proceeds of the Offering from purchasers not on the “President’s List”, and (ii) 3% of the gross proceeds of the Offering from purchasers on “President’s List”.

The gross proceeds received by the Company from the Offering will be used to incur Canadian exploration expenses on the Company’s properties in the Province of British Columbia that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada). The Qualifying Expenditures will be renounced to the subscribers with an effective date no later than December 31, 2016, in the aggregate amount of not less than the total amount of the gross proceeds raised from the Offering.

The securities issued pursuant to the Offering will be subject to a statutory four month hold period ending on April 20, 2017 pursuant to applicable securities legislation.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States of America or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful.