The First Tranche consisted of the sale and issuance of 5,122,166 Subscription Receipts at a price of
Each Subscription Receipt will entitle the holder thereof to receive, for no additional consideration and without further action on part of the holder thereof, at the effective time of the Transaction, one unit (each, a 'Unit') of Barsele. Each Unit will consist of one Barsele Share (each, a 'Sub Receipt Share') 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 Barsele Share (each, a 'Warrant Share') at a price equal to
The gross proceeds of the Concurrent Private Placement will be held in escrow pending the satisfaction of the escrow release conditions, including closing of the arrangement involving Barsele and Gold Line, pursuant to which Barsele will acquire all of the issued and outstanding common shares of Gold Line by way of a statutory plan of arrangement (the 'Transaction') and the satisfaction of certain other customary conditions.
Barsele intends to use the net proceeds of the Offering for expenses related to the Transaction, working capital and for general corporate purposes. The second and final tranche of the Offering is expected to close before
Barsele has agreed to pay a finder's fee to certain finders in respect of those purchasers under the Offering introduced to Barsele by such finder. Subject to the approval of the TSXV, in connection with the closing of the First Tranche, Barsele will hold in escrow finder's fees of
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the '
ABOUT
Barsele is a Canadian-based junior exploration company managed by the
ABOUT
Gold Line is focused on acquiring mineral properties with exceptional exploration potential in the most prolific gold-producing regions of
Contact:
President & CEO and Director
Tel: (604) 687-8566
Email: info@barseleminerals.com
Forward Looking Information
This news release may contain forward-looking statements, including statements with respect to the terms of the Offering, use of proceeds of the Offering, payment of the finder's fees, closing of the Transaction and closing of the second and final tranche of the Offering. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Such factors include, among other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in the Company's financial statements, management discussion and analysis and/or annual information form available on www.sedar.com. The risk factors identified in such documents are not intended to represent a complete list of factors that could affect the Company. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law.
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