Barker Minerals Ltd. (TSXV:BML) announced a non-brokered private placement of 10,000,000 units at CAD 0.05 per unit for gross proceeds of CAD 500,000 on May 8, 2012. Each unit shall consist of one common share and one half common share purchase warrant. Each warrant shall entitle the holder to acquire one additional common share on or before the date which is five years from the date of closing of the transaction. The warrant shall be exercisable at CAD 0.10 in the first year, CAD 0.20 in the second year, CAD 0.30 in the third year, CAD 0.40 in the fourth year, and CAD 0.50 in the fifth year. The company shall issue approximately 6,000,000 units to the insiders of the company. All securities are subject to a four month hold period and their issuance is subject to the approval of the TSX Venture Exchange. Upon closing of the transaction, the company may pay a finder's fee of 6% of the gross proceeds in cash and 8% finder's warrants which are exercisable at CAD 0.10 per share in the first year and CAD 0.20 in the second year, expiring 24 months from the closing of the transaction. The securities will be issued to one investor pursuant to Regulation D. On June 22, 2012, Barker Minerals Ltd. closed the transaction. The company issued 3,440,000 units for gross proceeds of CAD 172,000. All of the securities issued are subject to regulatory hold period that expire on October 23, 2012. The company received the funding from one investor.