Business
Barksdale Announces C$1.85 Million Financing and New Strategic Shareholder
Not for Distribution to United States News Wire Services or for Dissemination in the United ...
About this update from Barksdale Resources Corp.
[{"type":"text","content":"Barksdale Announces C$1.85 Million Financing and New Strategic ShareholderNot for Distribution to United States News Wire Services or for Dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / June 11, 2019 / Barksdale Capital Corp. (\"Barksdale\" or the \"Company\") (TSXV: BRO) (OTCQB: BRKCF) is pleased to announce that Teck Resources Limited (\"Teck\") has agreed to make a strategic investment in the Company by way of a private placement (\"Placement\").Highlights: Barksdale further strengthens its shareholder register by adding Teck, Canada's largest diversified resource company, with an 8% interest The C$1.85 million Placement will provide Barksdale with capital to further advance the Sunnyside project Osisko Gold Royalties, Barksdale's largest investor, has elected to maintain its 15.1% interestBarksdale's CEO Rick Trotman commented, \"Teck's investment in Barksdale is a strong vote of confidence in the technical merits of the Company's Sunnyside project as well as management's strategy and vision moving forward. With the proceeds of the private placement we look forward to advancing the permitting process and doing further work in preparation for an exploration drilling program at Sunnyside, which we believe has the potential to host a significant base metal system.\" The Placement will consist of a total of 4,016,723 common shares of the Company at a price of C$0.46 per share for total proceeds of C$1,847,693. Teck has subscribed for 3,409,795 common shares for gross proceeds of $1,568,506. Following the Placement, Teck will own approximately 8.0% of the issued and outstanding common shares of Barksdale on a non-diluted basis. In connection with the Placement, Barksdale has agreed to grant Teck an equity participation right to maintain its pro-rata ownership in the Company for as long as it owns more than 5% of the outstanding common shares of Barksdale. Additionally, Teck has been granted a first right of refusal on the sale of the Four Metals property.The Company is pleased to announce that Osisko Gold Royalties (\"Osisko\") has elected to maintain its 15.1% interest in Barksdale and will subscribe for 606,928 common shares for gross proceeds of $279,187. All securities issued in this Placement are subject to customary hold periods of four months and one day. No fees were paid in connection with the financing.Th...