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Barksdale Completes Convertible Debenture Extension and Closes Issuance of Bonus Warrants and Securities for Debt
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2024) - Barksdale Resources Corp. (TSX...
About this update from Barksdale Resources Corp.
[{"type":"text","content":"Barksdale Completes Convertible Debenture Extension and Closes Issuance of Bonus Warrants and Securities for DebtVancouver, British Columbia--(Newsfile Corp. - January 11, 2024) - Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) (\"Barksdale\" or the \"Company\") announces that further to its news releases dated December 13 and December 29, 2023, the Company has now received TSX Venture Exchange acceptance in connection with the extension of the maturity date of the secured convertible debentures (\"Debentures\") held by Delbrook Resource Opportunities Fund (\"Delbrook Opportunities Fund\") and Delbrook Resource Opportunities Master Fund LP (\"Delbrook Master Fund\") (collectively, the \"Creditors\"), and administered by Delbrook Capital Advisors Inc., by one year until December 31, 2024 (\"Debenture Extension\"). The Debentures have a remaining principal amount of $1,500,000 and all other terms of the Debentures including the conversion price will remain unchanged.Incidental to the Debenture Extension, the Company issued 467,708 units of the Company (the \"Interest Units\") in settlement of $187,083 of accrued interest payable on the Debentures. Each Interest Unit consists of one common share of Barksdale (each a \"Common Share\") having a deemed price of $0.40 per Common Share and one-half (½) of one share purchase warrant (each whole warrant, an \"Interest Warrant\"). Each Interest Warrant entitles the holder to acquire one Common Share at a price of $0.60 for a period of three (3) years from the date of issuance. Any subsequent interest accrued under the Debentures after December 27, 2023 is payable in cash in accordance with the terms and conditions of the Debentures.The Interest Units will be allocated and issued by the Company to the Creditors as follows:(a) Delbrook Opportunities Fund - 54,566 Interest Units; and (b) Delbrook Master Fund - 413,142 Interest Units.In exchange for extending the Debentures, the Company has also issued an extension fee of 2,777,777 share purchase warrants, exercisable into 2,777,777 Common Shares at a price of $0.60, for a period of one year, expiring December 31, 2024 (\"Extension Warrants\"). The Extension Warrants will be allocated and issued by the Company to the Creditors as follows:(a) Delbrook Opportunities Fund - 324,074 Extension Warrants; and (b) Delbrook Master Fund - 2,45...