ESG - Upsized Private Placement Reflects Strong Investor Demand | Benzinga
Source: Streetwise Reports 06/19/2024
Barksdale Resources Corp. (OTC: BRKCF), an advanced-stage base and precious metals explorer focused on world-class mining jurisdictions in the United States, has announced an increase to its previously reported non-brokered private placement financing.
This adjustment, driven by substantial demand, will yield gross proceeds of CA$5,625,000 for the company.
The structure of the offering remains unchanged, with each unit comprising one common share of Barksdale and one common share purchase warrant, which entitles the holder to acquire an additional common share at CA$0.23 within three years of issuance.
Initially set at 26,666,667 units, the financing has been upsized to 37.5 million units at a price of CA$0.15 cents per unit.
This adjustment, driven by substantial demand, will yield gross proceeds of CA$5,625,000 for the company.
The structure of the offering remains unchanged, with each unit comprising one common share of Barksdale and one common share purchase warrant, which entitles the holder to acquire an additional common share at CA$0.23 within three years of issuance.
The proceeds from this offering are earmarked for exploration activities at Barksdale's properties in Arizona, as well as for working capital and general corporate purposes. The closing of the offering is anticipated to occur on or about June 25, 2024. Securities issued through this offering will be subject to a mandatory hold period of four months and one day from the issuance date, with completion contingent upon customary closing conditions, including approval from the TSX Venture Exchange. Additionally, finders' fees may apply.
Mining Sector Growth
The advanced-stage base and precious metals exploration sector has shown significant potential and growth in recent months. In March, S&P Global reported that the Pipeline Activity Index (PAI) metrics were mixed. Significant drill results and positive milestones increased, while initial resource announcements dropped by one, and financings rebounded after a poor January.
Technical Analyst Clive Maund asserted, "Barksdale Resources is rated an Immediate Strong Buy for all timeframes."
Despite slight declines in most metals tracked in the Exploration Price Index, the overall activity in the commodity supply pipeline remained strong.
The PAI measures the level and direction of activity by incorporating significant drill results, initial resource announcements, significant financings, ...