Thu Aug 2, 2012 Barker Announces Non-Brokered Private Placement & Grant of Options
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For Immediate Release
Barker Announces Non-Brokered Private Placement & Grant of Options
Prince George, B.C., August 2, 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 7,000,000 Units, representing gross proceeds of up to approximately $350,000 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 also announces the granting of 2,650,000 incentive stock options to consultants, contractors, employees, officers and directors of the Company of which 325,000 replace options that expired on April 20, 2012. The Options are exercisable at a price of $0.10 per share until July 31, 2017.
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 23 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.
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