2014-02-17 15:06:24 -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Prince George, British Columbia CANADA, February 17, 2014 /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 5,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of up to $250,000. Each Unit will consist of one common share in the capital of the Company ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.05 in the first and second year following
the date of closing (the "Closing Date") and $0.10 in the third, fourth and fifth year following the Closing Date.
The proceeds received from the sale of the Units will be used to fund work programs on the Company's properties and for general working capital, including the payment of outstanding accounts payable and the consideration of the next steps to be taken in connection with its Pro Long Strategy in light of Dr. Suzanne's Trimbath's independent report which was summarized in Barker News Release BM-12-217 on January 21, 2013. (BM-12-217)
The Company estimates that up to approximately 5,000,000 Units, representing gross proceeds of up to approximately $250,000 may be issued to insiders of the Company.
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.
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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