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Barkerville Gold sells shares to help with exploration

 

Barkerville Gold Mines Ltd. is selling 10 million common shares to Haywood Securities Inc. and Canaccord Genuity Corp.

The shares are on a “bought deal” private placement basis, which will qualify as “flow-through shares” at a price of C$1.00 per flow-through share, for aggregate gross proceeds of $10 million.

Barkerville Gold Mines has also granted Haywood and Cannacord an option to purchase up to an additional 1,500,000 flow-through shares at a price of C$1.00 per share, for additional aggregate gross proceeds of $1.5 million.

Barkerville Gold Mines intends to use the gross proceeds for exploration expenses at it Cariboo Gold Project in central British Columbia.

The closing of the offering is expected to occur on or about December 28, 2017 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.

Barkerville is focused on developing its extensive land package located in the historical Cariboo Mining District of central British Columbia. Barkerville’s mineral tenures cover 1,950 square kilometres along a strike length of 67 kilometres which includes several past producing hard rock mines of the historic Barkerville Gold Mining Camp near the town of Wells

The QR Project, located approximately 110 kilometres by highway and all weather road from Wells was acquired by Barkerville in 2010 and boasts a fully permitted 900 tonne/day gold milling and tailings facility. Test mining of the Bonanza Ledge open pit was completed in March of 2015 with 91,489 tonnes of material milled producing 25,464 ounces of gold, according to the company. The corporation has completed several drilling and exploration programs over the past 20 years and has compiled this data with all historical information in order develop geologic models which are assisting management in defining new deposits in the Cariboo Gold Project. An extensive drill program is currently underway with the goal of delineating additional high grade gold mineralization.

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