2013-02-06 15:04:15 -
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Prince George, British Columbia CANADA, February 06, 2013 /FSC/ - Barker Minerals Ltd. (BML - TSX Venture), ("Barker" or the "Company") announces that it intends to complete a non-brokered private placement (the "Private Placement") of up to 10,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of up to $500,000. Each Unit will consist of one common share in the capital of the Company ("Common Share") and one half of a common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one additional Common Share at any time on or before the
date which is five years from the date of closing of the Private Placement at an exercise price of $0.10.
Upon closing of the Private Placement, the purchasers of the Units will collectively hold approximately 21% of the outstanding Common Shares, which will result in the creation of a new control person of the Company, as defined in the rules of the TSX Venture Exchange (the "TSXV"). Accordingly, closing of the Private Placement is subject to shareholder approval and Barker will seek approval for the Private Placement by holders of a majority of Barker's Common Shares by resolutions in writing in lieu of holding a formal meeting.
All securities issued will be subject to a four (4) month hold period from the date of closing. The Private Placement is subject to the approval of the TSXV.
The Company also announces the granting of 4,885,000 incentive stock options to consultants, employees, officers, contractors and directors of the Company of which 2,365,000 replace options that expired on November 27, 2012. The Options are exercisable at a price of $0.10 until January 31, 2023.
About Barker Minerals
Barker Minerals is advancing exploration on its mineral properties in the Cariboo Gold District, one of the most mineralized belts in British Columbia. The Company has more than 20 projects on its exploration properties, all of which are 100% owned by Barker Minerals. Eight projects have drill-ready gold and/or massive sulphide targets.
Certain statements in this press release may be considered forward-looking information, including those relating to "plans" of the Company. Such information involves known and unknown risks, uncertainties and other factors -- including the availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks identified by the Company in its public securities filings -- that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE VISIT OUR WEBSITE www.barkerminerals.com OR
Louis E. Doyle Robert H. Kuhl
Tel: (250) 563-8752 Tel: (604) 321-0709
Fax: (250) 563-8751 Fax: (604) 321-0719
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 release.
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Source: Barker Minerals Ltd. (BML - TSX-V)
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