NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, March 27, 2019 (GLOBE NEWSWIRE) -- Barkerville Gold Mines Ltd. ("Barkerville" or the "Corporation")
(TSX-V:BGM) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Haywood Securities
Inc. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" private
placement basis, 55,556,000 common shares of the Corporation (the "Common Shares") at a price of C$0.36 per Common Share, for total
gross proceeds of C$20,000,160 (the "Offering").
The Corporation has granted the Underwriters an option to purchase up to an additional 15% of the Offering in
Common Shares (the "Underwriters' Option”), exercisable in whole or in part at any time up to 48 hours prior to the closing
date.
The net proceeds from the sale of the Common Shares will be used for exploration and development of the Cariboo
Gold Project, including permitting and underground development, as well as for working capital and general corporate purposes.
The closing of the Offering is expected to occur on or about April 23, 2019 and is subject to the completion of
formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange. The Common Shares
issued in connection with the Offering will be subject to a statutory four month hold period in accordance with applicable
securities legislation. In consideration for their services, the Corporation has agreed to pay the Underwriters a cash commission
equal to 5.0% of the gross proceeds from the Offering, excluding gross proceeds received from the sale of Common Shares to Osisko
Gold Royalties Ltd and Osisko Mining Inc.
About Barkerville
The Corporation is focused on developing its extensive mineral rights package located in the historical Cariboo
Mining District of central British Columbia. Barkerville's Cariboo Gold Project mineral tenures cover 1,950 square kilometres;
along a strike length of 67 kilometres which includes several past producing placer and hard rock mines, making it one of the most
well-endowed land packages in British Columbia. Since the management change in mid-2015, the Corporation has unlocked the
fundamental structural controls of gold mineralization. The Corporation's Brownfield's exploration team is focused on upgrading and
expanding the May 2018 43-101 compliant resource within the 8 kilometers of principle project area located near the town of Wells,
British Columbia. The Corporation's Greenfield's team is developing quality exploration assets throughout the remaining land
package through systematic, scientific, exploration. The operation's team is focused on completing required studies in order
to permit underground mining on Cow and Island Mountains. For more information on Barkerville Gold Mines Ltd., please contact:
Chris Lodder
President and Chief Executive Officer
155 University Avenue, Suite 1410
Toronto, Ontario, Canada
clodder@barkervillegold.com
416-775-3671
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information
involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities
to differ materially from those expressed or implied by such forward-looking information. Although the Corporation believes that
the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as
required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange,
securities commission or other regulatory authority has approved or disapproved the information contained
herein.
