Barksdale Announces Financing and Extension of Financial Instruments

About this update from Barksdale Resources Corp.

[{"type":"text","content":"Barksdale Announces Financing and Extension of Financial InstrumentsVancouver, British Columbia--(Newsfile Corp. - September 6, 2022) - Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) (\"Barksdale\" or the \"Company\") announces that it intends to conduct a non-brokered private placement financing of 4,166,666 units (the \"Units\") at a price of $0.48 per Unit for gross proceeds to the Company of $2,000,000 (the \"Offering\"). Each Unit will consist of one common share of Barksdale (each a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.72 for a period of three years from the date of issuance. Crescat Capital LLC (\"Crescat\"), a significant shareholder of the Company, has committed $1,000,000 to the financing. In connection with the Offering, Barksdale has agreed to grant Crescat an equity participation right to maintain its pro-rata ownership in the Company for as long as it owns more than 2% of the outstanding common shares of Barksdale. The proceeds of the Offering will be used to finance exploration activities at the Company's properties in Arizona and Mexico, as well as for working capital and general corporate purposes. Closing of the Offering is expected to occur on or about September 14, 2022 and will be subject to increase in the event Teck Resources Ltd. elects to exercise its equity participation rights in the Offering (see news release dated June 11, 2019). All securities issued by Barksdale will be subject to a minimum hold period of four months and one day and completion of the Offering is subject to customary closing conditions, including acceptance of the TSX Venture Exchange (\"Exchange\").Rick Trotman, Barksdale's President and CEO, states, \"As we near the end of our permitting endeavors in Arizona, we are very excited that our key shareholders have made the decision to increase their exposure to Barksdale. The next few months should be particularly exciting for the Company, which is why we've petitioned the Exchange to extend the soon to be expiring warrants until early next year to give our valued shareholders additional time to benefit from their patience and loyalty.\"Extension of WarrantsThe Company also proposes to extend by a further four (4) months, the expir...

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