2013-03-01 15:03:52 -
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Prince George, British Columbia CANADA, March 01, 2013 /FSC/ - Barker Minerals Ltd. (BML - TSX Venture), ("Barker" or the "Company") announces that it has closed on the non-brokered private placement ("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 February 6, 2013. Each Unit consists of one common share ("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 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. Insiders of the Company acquired 100% of the private placement.
The proceeds received from the sale of the Units will be used to fund work programs on the Company's properties, to reduce the working capital deficiency and for general working capital.
All of the securities issued are subject to a regulatory hold period that expires on June 29, 2013.
Upon closing of the Private Placement, the purchasers of the Units 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"). Closing of the Private Placement was subject to greater than 50% shareholder approval. Barker sought and received the required approval for the Private Placement by disinterested shareholders of a majority of Barker's Common Shares by resolutions in writing in lieu of holding a formal meeting. The new control person's holdings were exempt from the voting process.
Pro Long Strategy
Barker's Pro Long Strategy (PLS) includes maintaining a record of registered shareholders, non-objecting beneficial owners (NOBOs) and individual brokerage holdings. The value and benefit of this part of the PLS is proven by the recent example of the Company's ability to gather approximately 53% written shareholder approval of all issued and outstanding common shares of Barker within 5 business days from the initiation of the approval request.
The recent written voting process resulted in a number of Barker shareholders contacting the Company stating that they did not receive the resolution to vote for shareholder approval. The reason the resolution was not sent to some investors was that their shares were not registered in their names which precluded them from voting as they are not recognized as an official owner of Barker shares. The recent written shareholder voting approval process also alerted some investors that the shares held in registered retirement and TSFA accounts were not registered in their names but instead in the institution's name where the shares are being held.
Barker investors who wish to register their shares in their names are invited to contact the Company to receive instructions on the process to do so. Once the shares are registered in the investor's name the proof of share ownership would allow them voting rights and to receive any corporate communications documents provided to registered shareholders of the Company in the future.
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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