The devil is in the detailsBest efforts can be pretty iffy.
Remember the last $10-million private placement back in February, 2014? It took three months to close, and only 69 per cent was picked up by the public...and the paper very quickly lost 15 per cent and has been underwater ever since.
Fortunately for flow-thru purchasers, the new board and management can be relied upon to use the funds for allowable flow-thru purposes.
If there's resistance by punters, what can be accomplished with $1,880,000 ($2 million less six per cent)? IMO, salaries, perks, rent, etc., even without any mining, must be running at $100,000 per month
"Barkerville Gold Mines Ltd. has entered into an agreement with Primary Capital Inc., pursuant to which the agent has agreed to act on behalf of the company in connection with a proposed best-efforts private placement offering of up to 9,375,000 flow-through units at a price of 32 cents per flow-through unit, for gross proceeds of up to $3-million..."
"...In addition, the company has entered into an agreement with a strategic investor, pursuant to which the company will issue an aggregate of 6.25 million flow-through common shares at a price of 32 cents per flow-through share for gross proceeds of $2-million..."
"...Debt settlements
The company also announces that it has entered into a debt settlement agreement with an arm's-length creditor, pursuant to which the company has settled an aggregate of $118,201 of indebtedness of through the issuance of an aggregate of 422,148 common shares at a price of 28 cents per common share..."