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Barksdale Closes First Tranche of C$6.325 Million Financing and Initial Option Payment on San Javier

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Barksdale Closes First Tranche of C$6.325 Million Financing and Initial Option Payment on San Javier

 

 

 

 

 

Barksdale Resources Corp. (TSX-V:BRO) (OTCQB:BRKCF) is pleased to announce that it has closed a first tranche of the Company’s non-brokered private placement financing announced August 6, 2020 and updated September 1, 2020. Under the first tranche, Barksdale has issued a total of 15,263,158 units at a price of C$0.38 per Unit for gross proceeds of C$5,800,000. Each Unit consisted of one common share of the Company and ½ of one common share purchase warrant. Each Warrant entitles the holder to acquire an additional common share at an exercise price of C$0.55 for a period, subject to acceleration, of 24 months from closing of the Placement. Certain directors and officers of the Company participated in the Placement for an aggregate of 295,924 Units for proceeds of $112,451.

 

The net proceeds from the Placement will be used to advance the Company’s mineral projects, including San Javier, Sunnyside, and San Antonio, and for general corporate and working capital purposes. All shares issued under the first tranche are subject to a four month hold period expiring January 30, 2021. In connection with the closing of the Placement, the Company has paid advisory and finders’ fees totaling $231,896 cash and issued 454,989 non-transferable finder warrants to certain registered dealers in accordance with applicable securities laws. Each Finder Warrant entitles the holder to purchase one common share of the Company on the same terms as the Warrants.

 

The Company has also completed its initial option payment of C$32,500 cash and 2,600,000 common shares to Tusk Exploration Ltd. in accordance with the terms of its definitive option agreement to acquire a 100% interest in the San Javier de Cobre project in Sonora, Mexico as previously announced on August 6, 2020 and September 16, 2020.

 

The Company expects to close the second and final tranche of the Placement in the amount of C$525,000 shortly.

 

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.

 

Posted September 30, 2020

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