NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BARKSDALE CLOSES PRIVATE PLACEMENT AND INITIAL
OPTION PAYMENT TO REGAL
October 5, 2017 – Vancouver, B.C. – Barksdale Capital Corp. (TSX-V: BRO.H) (“Barksdale” or the “Company”) is pleased to announce that further to its news releases dated August 15, 2017 and October 3, 2017, the Company has completed its non-brokered private placement financing of 13,530,000 common shares at a price of $0.40 per share for gross proceeds of $5,412,000 (the “Financing”). Certain directors, officers and insiders of the Company participated in the Financing for an aggregate of 1,225,000 shares for gross proceeds of $490,000.
The Company has also completed its initial option payment of $650,000 cash and 1,250,000 common shares to Regal Resources Inc. (“Regal”) pursuant to the Company’s option (the “Option”) to acquire up to a 67.5% undivided interest in Sunnyside property located in Santa Cruz County, Arizona (the “Sunnyside Property”) as announced August 15, 2017. Pursuant to the option agreement, the Company has also issued into escrow the next option payment of 3,850,000 common shares to Regal, which shares will be cancelled and returned to treasury if the Company determines not to proceed with the Option after completing its initial exploration of the Sunnyside Property. The Company has one year following receipt of all necessary governmental approvals and permits including drill permits to complete an initial exploration program of $3,000,000 on the Sunnyside Property.
Finder’s fees totaling $123,000 cash and 307,500 finder’s warrants are payable in connection with the Financing, each finder’s warrant entitling the holder to purchase one common share of the Company at a price of $0.40 for a period of two years from closing.
All common shares issued in connection with the Financing and the Option are subject to a four month hold period expiring February 6, 2018.
ABOUT BARKSDALE CAPITAL CORP. – Barksdale Capital Corp. is focused on the acquisition and exploration of highly prospective precious and base metal projects in the United States.
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.
On behalf of the Board of Directors of Barksdale Capital Corp.,
Richard Silas, President and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions including, but not limited to, the Option and the intended use of proceeds from the Financing. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors affecting the Company include, among others: global financial conditions and volatility of capital markets, uncertainty regarding the availability of capital including the Financing, fluctuations in commodity prices; title matters; risks associated with mineral exploration including the timing and availability of permits, uncertainty surrounding exploration results and environmental issues and the additional risks identified in our filings with Canadian securities regulators on SEDAR. These forward-looking statements are made as of the date hereof and, except as required under applicable law, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
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.