2012-09-11 01:36:59 -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Prince George, British Columbia CANADA, September 10, 2012 /FSC/ - Barker Minerals Ltd. (BML - TSX Venture)(the "Company"), announces that it has closed on a portion of the non-brokered private placement of 10,000,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of up to $500,000 that was previously announced on August 2, 2012. Each Unit consists of one common share of the Company and one half of a common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one additional common share of the Company at any time on or before the date which is five
years from the date of closing of the Offering at an exercise price of $0.10 in year one, $0.20 in year two, $0.30 in year three, $0.40 in year four and $0.50 in year five. The Company issued 8,440,000 Units at a price of $0.05 per Unit for gross proceeds of $422,000. Insiders of the Company acquired a total of 1,500,000 Units in the private placement.
The proceeds received from the sale of the common shares will be used to fund work programs on the Company's properties, fund the Company's Pro-Long Campaign and for general working capital, including the payment of outstanding accounts payable.
All of the securities issued are subject to a regulatory hold period that expires on January 11, 2013.
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.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
FOR FURTHER INFORMATION PLEASE VISIT OUR WEBSITE WWW.BARKERMINERALS.COM OR CONTACT:
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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