Barksdale Resources Announces "Best Efforts" Private Placement of a Minimum of $2.0 Million of Units
Summary
Vancouver, British Columbia--(Newsfile Corp. - December 20, 2023) - Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce that it has entered into an agreement pursuant to which Cormark Securities Inc., as sole Agent (the "Agent"), has agreed to sell, on a "best efforts" private placement basis, a minimum of approximately 5,000,000 common share units in the capital of the Company (the "Units") at a price of $0.40 per Unit (the "Issue Price") for gross proceeds of $2.0 million (the "Offering").Each Unit will be comprised of one common share of the Company 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 common share of the Company at an exercise price of $0.60 for a period of three (3) years following the closing of the Offering.In connection with the offering, the Company shall pay a cash commission and broker warrants exercisable at the Issue Price for a term of three (3) years.The net proceeds of the Offering will be used for property maintenance payments, trade payables and for general corporate purposes.The Offering is expected to close on or about December 29, 2023, or such other date as the Company and the Agent may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the acceptance of the TSX Venture Exchange.Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the reliance on the Lister Issuer Financing Exemption, the future performance of our business, its operations and its financial performance and condition, as well as managements objectives, strategies, beliefs and intentions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon.