/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Dec. 20, 2023 /CNW/ - Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) (the "Company") is pleased to announce that it has entered into an agreement pursuant to which Cormark Securities Inc., as sole Agent (the "Agent"), has agreed to sell, on a "best efforts" private placement basis, a minimum of approximately 5,000,000 common shares units in the capital of the Company (the "Units") at a price of $0.40 per Unit (the "Issue Price") for gross proceeds of $2.0 million (the "Offering").
Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.60 for a period of three (3) years following the closing of the Offering.
In connection with the offering, the Company shall pay a cash commission and broker warrants exercisable at the Issue Price for a term of three (3) years.
The net proceeds of the Offering will be used for property maintenance payments, trade payables and for general corporate purposes.
The Offering is expected to close on or about December 29, 2023, or such other date as the Company and the Agent may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the acceptance of the TSX Venture Exchange.