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Barker Announces Non-Brokered Private Placement and Additional Shares for Debt Settlements

 

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

For Immediate Release
BM-12-206

Barker Announces Non-Brokered Private Placement and Additional Shares for Debt Settlements

Prince George, B.C., May 8, 2012 -- Barker Minerals Ltd. ("BML" on TSX/V) (the "Company") announces a non-brokered private placement offering (the "Offering") of 10,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of up to $500,000. Each Unit will consist of one common share of the Company and one half of a common share purchase warrant ("Warrant"). Each whole Warrant will entitle 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 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.

The Company estimates that up to approximately 6,000,000 Units, representing gross proceeds of up to approximately $300,000 may be issued to insiders of the Company.

All securities issued will be subject to a four (4) month hold period from the date of closing. The Offering is subject to the approval of the TSX Venture Exchange.

At closing of the Offering finder fees of 6% of the proceeds may be payable in cash, and 8% finder warrants which are exercisable at the price of $0.10 per share in year one and $0.20 per share in the second year, expiring 24 months from the date of closing of the Offering.

The Company would also like to announce that they have reached agreements with two additional creditors to settle indebtedness of the Company in the aggregate amount of $80,000 through the issuance of 1,600,000 common shares of the Company at the deemed price of $0.05 per share. Both of the creditors are insiders of the Company. This proposed transaction is also subject to the approval of the TSX Venture Exchange and all common shares to be issued will be subject to a four (4) month hold period.

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 VISIT OUR WEBSITE WWW.BARKERMINERALS.COM OR CONTACT:

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.

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.

 
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You can view the Next Company News item: Fri May 18, 2012, Barker Minerals Announces Closing on Shares for Debt Agreements

You can view the Previous Company News item: Thu Apr 19, 2012, Barker Reports 6.98 oz/t Silver over 4.22 Metres and 18.6 oz/t Silver over 1.72 Metres on its Black Bear Silver/Gold/Lead Project and that 2012 Drilling is set to Begin

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