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
President, CEO and Director
Terri Anne Welyki
Vice President of Communications
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.
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