Tue Oct 20, 2009 Barker Minerals Announces Closing of Oversubscribed Private Placement
For immediate release
BM-09-149
Barker Minerals Announces Closing of Oversubscribed Private Placement
Prince George, B.C., October 20, 2009 -- Barker Minerals Ltd. ("BML" on TSX/V) (the "Company") announces that it has oversubscribed its previously announced $500,000 non-brokered private placement with a closing in the amount of $573,500.
The Company issued 11,470,000 common share units (the "Units") at a price of $0.05 per Unit. Each Unit consisted of one common share (a "Common Share") of the company and one common share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to acquire one Common Share at a price of $0.10 per share in first year and $0.15 in the second year.
The proceeds received from the sale of the Units will be used for general working capital, repayment of accounts receivable and to fund work programs which includes drilling on its Frank Creek VMS project. No finders' fees or commissions were paid.
All of the securities issued as part of the financing are subject to regulatory hold periods that expire on February 20, 2010. Insiders of the company purchased a total of 4,000,000 Units, which represents a total of 34.8 % of the Units issued in the closing.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Louis E. Doyle, President & CEO
Barker Minerals Ltd.
Tel: (250) 563-8752
Fax: (250) 563-8751
Robert H. Kuhl
Barker Minerals Ltd.
Tel: (604) 321-0709
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.
The securities offered 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 any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the 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.
You can view the Next Company News item: Tue Nov 17, 2009, Barker Resumes Drilling on its Frank Creek VMS Discovery; Closes on Follow-on Private Placement Subscription and Grants Options
You can view the Previous Company News item: Fri Oct 16, 2009, Barker Files Ace and Simlock Gold Project 43-101 Report
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