Barkerville Gold Mines (TSXV:BGM) (Frankfurt:1WUB) Announces Terms of Warrants Attached to $15 Million Gold Loan Facility - Video Summary on Investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, October 25, 2013 - Barkerville Gold Mines
(TSXV:BGM) (Frankfurt:1WUB) announced the terms of warrants attached to the $15
million gold loan facility provided by 2176423 Ontario Limited, a company
wholly-owned by Eric Sprott. The $15 million facility was advanced on October
8(th) and released from escrow on October 9(th), when Barkerville's shares were
re-instated for trading on the TSX Venture Exchange.
InvestmentPitch.com has produced a "video news alert" based on this news. If
this link is not enabled, please visit www.InvestmentPitch.com and enter
"Barkerville" in the search box.
Eric Sprott is well known in the resource industry, having founded Sprott
Securities in 1981, which is now Cormark Securities, one of Canada's largest
independently owned securities firms. Eric is currently Chairman of TSX listed
Sprott Inc. (TSX:SII) a leading independent asset manager, capitalized in excess
of $642 million.
The price of these bonus warrants was set at $0.89, which was calculated on the
volume weighted average trading price of the shares, based on the 5 trading day
period commencing on the 6th trading day after the shares were re-instated.
Barkerville has a forced warrant exercise option, under which it may require
2176423 Ontario Limited to exercise $5 million worth of the bonus warrants. This
could occur if Barkerville's volume weighted average trading price exceeds $1.34
per share, a 50% premium to the $0.89 exercise price, for 10 consecutive trading
days.
In connection with the gold loan facility, Barkerville also issued 360,000
finder's warrants, which also have a forced exercise option, based on similar
terms. Should these warrants get exercised, Barkerville has no shortage of
projects on which to spend these additional funds.
Since the mid-1990s, Barkerville has focused on the exploration and development
of gold projects in the Cariboo Mining District in Central British Columbia. The
company's mineral tenures cover 1,164 square kilometres along a strike length of
60 kilometres and approximate width of 20 kilometres. They include the Cariboo
Gold Project, the Bonanza Ledge Gold Project, the Barkerville Mountain and
Island Mountain exploration targets and seven past producing hard rock mines.
The QR Property was acquired in February 2010 and includes a 900 tonne per day
gold milling facility and permitted gold mine located approximately 110
kilometres from the Barkerville Gold Camp.
The company began pouring doré gold in September 2010, continued until December
2011, and resumed in January 2013.
In November 2010, the company acquired a second permitted mill currently on care
and maintenance in Revelstoke. BC.
The company has completed significant drilling and exploration programs and,
together with the historical data, is compiling all information to determine the
geologic models and updated technical reports to continue with exploration and
development of these projects.
Barkerville currently trades at $0.87 and is capitalized in excess of $95
million. For a more information, please visit Barkerville's website at
www.barkervillegold.com phone 604-669-6463 or email info(at)barkervillegold.com.
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Datum: 25.10.2013 - 15:58 Uhr
Sprache: Deutsch
News-ID 309514
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