Fri Mar 11, 2011 Barker Announces Non-Brokered Private Placement
For Immediate Release
Barker Announces Non-Brokered Private Placement
Prince George, B.C., March 11, 2011 -- Barker Minerals Ltd. ("BML" on TSX/V) (the "Company") announces a non-brokered private placement offering of 3,100,000 common share units (the "Units") at a price of $0.05 per Unit for gross proceeds of $155,000.
Each Warrant will entitle the holder to purchase one Common Share (a "Warrant Share") at any time on or before the date which is five years from the Closing Date at a price of $0.10.
The proceeds received from the sale of the Units 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.
Finder fees of 6% of the proceeds payable in cash at Closing and finder warrants to acquire up to 8% of the Offered Units issued in the private placement are exercisable at the price of $0.10 per share and $0.15 per share in the second year expiring 24 months from the Closing Date.
Insiders of the Company are anticipated to take up to 20% of the placement.
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.
Louis E. Doyle
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.
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.
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