Barkerville Gold Mines Ltd.

Published : August 12th, 2013

Barkerville Gold Mines Ltd. Arranges Short Term Loan

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Keywords :   Debt | Gold | Gold Mine | Gold Mines | Report |

Aug 12, 2013
Barkerville Gold Mines Ltd. Arranges Short Term Loan
Vancouver, BC -- Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") announces that it has entered into a term sheet for a short term loan (the "Loan") with Sprott Resource Lending Corp. ("Sprott"). The principal amount of the Loan is $1,500,000, is due on or about December 31, 2013 and bears interest at a rate of 12% per annum, payable monthly or compounded if not paid in cash.

As part of the Loan, Sprott will receive a bonus payment equal to $200,000 payable in units consisting of one share and one warrant (the "Bonus Units"). The Bonus Units will be issued at a deemed price equal to a 10% discount to the volume weighted average price ("VWAP") for the five trading day period commencing five trading days after the Company's shares are reinstated for trading on the TSX Venture Exchange (the "Exchange"). The warrants will have a one year term and will have an exercise price equal to the five day VWAP. The Bonus Units will be issued on the later of closing and 12 days following the reinstatement of the Company's shares for trading.

For the VWAP pricing mechanism and the terms of the Bonus Units, the Exchange requires that:
  • the deemed share price must be equal to or greater than $0.05;
  • the warrant exercise price must be equal to or greater than $0.10; and
  • the Company, Sprott and their associates and affiliates must not trade in the marketplace during the 5 day trading period used to calculate the VWAP.
The Loan is subject to final Exchange approval.

As reported in News Release 13-12, dated August 9, 2013, Barkerville is in the process of making application to the Exchange to reinstate its common shares for trading on the Exchange (the "Reinstatement Application"). In connection with this process, the Company is exploring further financing options, which may include such options as debt financing, forward gold sales or a gold streaming agreement. Barkerville will report on the progress of the Reinstatement Application and further financing options as information becomes available. Frank Callaghan, CEO, commented: "We want to thank our shareholders, employees, consultants and other stakeholders for their support throughout the past months and are looking forward to seeing Barkerville's shares come back to trade as soon as possible."

"J. Frank Callaghan"

J. Frank Callaghan
President and CEO

About Barkerville Gold Mines Ltd.

Since the mid-1990s the Company has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C. The Company's mineral tenures cover 1,164 km2 along a strike length of 60 km and approximate width of 20 km, including 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/day gold milling facility and a permitted gold mine located approximately 110 km by highway and all-weather road from the Barkerville Gold Camp. The Company began pouring dor� 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, B.C. 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 the Cariboo Gold projects. This news release has been prepared on behalf of the Board of Directors of the Company which takes full responsibility for its contents.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, including the listing and trading of the Company's common shares on the TSX Venture Exchange. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, the Company's ability to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its property rights.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Associated File: http://www.barkervillegold.com/i/pdf/BGM-NR-13-13-Loan-August-12-2013.pdf
42 KB in size, approx. 9 seconds to download at 56.6Kbps
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Barkerville Gold Mines Ltd.

PRODUCER
CODE : BGM.V
ISIN : CA0676421088
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Barkerville Gold Mines is a producing gold company based in .

Barkerville Gold Mines holds various exploration projects in Canada.

Its main assets in production are QR and BONANZA LEDGE in Canada, its main asset in development is CARIBOO in Canada and its main exploration properties are BARKERVILLE MOUNTAIN, MUCHO ORO ZONE, PROMISE and MYRTLE-PROSERPINE in Canada.

Barkerville Gold Mines is listed in Canada. Its market capitalisation is CA$ 136.0 millions as of today (US$ 102.5 millions, € 93.0 millions).

Its stock quote reached its highest recent level on April 14, 2000 at CA$ 2.80, and its lowest recent point on January 02, 2009 at CA$ 0.01.

Barkerville Gold Mines has 335 780 000 shares outstanding.

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Annual reports of Barkerville Gold Mines Ltd.
2009 Annual Report
2008 Annual report
Financings of Barkerville Gold Mines Ltd.
7/19/2011Receives $8,529,375 From Warrant Exercise-All Warrants From ...
5/18/2006First tranche of private placement closes
Project news of Barkerville Gold Mines Ltd.
8/12/2015Phase 1 drilling results extends mineralization and identifi...
8/15/2013Barkerville Gold Mines Ltd. Project Update
6/19/2013Barkerville Gold Mines Ltd. Announces Updated Resource Estim...
5/11/2013(Cariboo)Provides Technical Update on Cariboo Gold Project
4/5/2013(Cariboo)Provides Technical Update on Cariboo Gold Project
6/21/2012Barkerville Gold Mines Receives Environmental Approval at QR...
3/21/2012Barkerville Gold Mines Reports Remaining 2011 Drill Results
2/29/2012Barkerville Gold Mines Summarizes 2012 Exploration Work and ...
2/15/2012Barkerville Gold Mines Intercepts 27.4 meters (90.0 feet) of...
2/15/2012Barkerville Gold Mines Intercepts 27.4 Meters (90.0 Feet) of...
12/6/2011Barkerville Gold Mines Receives Provincial Government Approv...
5/26/2011(Barkerville Mountain)Assays Gold in First 10 Diamond Drill Holes for 2011 on The ...
5/13/2011(Myrtle-proserpine)Acquisition of Myrtle-Proserpine and Promise Properties
4/7/2011(Bonanza Ledge)Provides Update on the Permitting of the Bonanza Ledge Mine
3/22/2011(Barkerville Mountain)First Diamond Drilling Assay at New Discovery on Barkerville...
2/14/2011(Barkerville Mountain)Extends New Discovery Zone on Barkerville Mountain to 125 Me...
5/3/2006(Bonanza Ledge)Preliminary assessment report & application for mine permit ...
4/19/2006(Bonanza Ledge)drilling continues at the Cariboo gold project
Corporate news of Barkerville Gold Mines Ltd.
7/6/2016Barkerville Gold Mines Provides Corporate Update
6/29/2016Barkerville Gold Mines Intersects 30.98 G/T (0.90 Oz/T) Au O...
6/21/2016Barkerville Gold Announces Change of Year-End
6/9/2016Barkerville Gold Mines Intersects 9.97 G/T (0.29 Oz/T) Gold ...
6/3/2016Barkerville Gold Mines Acquires Nugget Mountain Claims
5/2/2016Barkerville Gold and Williams Creek Gold Enter Into Arrangem...
4/26/2016Barkerville Gold Mines Closes $15.5 Million Bought Deal Priv...
4/21/2016Barkerville Gold Mines Provides Outlook and Corporate Update...
4/8/2016Barkerville Gold Mines to Defend Lawsuit
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1/22/2016Barkerville Gold Mines Files Amended Financial Statements an...
1/7/2016Barkerville Gold Mines Intersects 43.48 G/T (1.27 OZ/T) AU O...
12/24/2015Barkerville Gold Mines Closes $6Million Flow-Through Share O...
12/16/2015Barkerville Gold Mines Identifies New High Grade Vein Trend ...
12/2/2015Barkerville Gold Mines Announces Flow-Through Unit Offering ...
11/30/2015Barkerville Gold Mines Enters into Letter Agreement with Osi...
10/30/2015Barkerville Gold Mines Files Amended Financial Statements an...
10/20/2015BGM Announces Discovery of Two Additional High Grade Gold Ho...
10/14/2015Barkerville Gold Mines Grants Stock Options
9/15/2015BGM Discovers New High Grade Gold Horizon on Barkerville Mou...
9/2/2015Barkerville Gold Mines Enters into Settlement Agreement
7/29/2015Barkerville Gold Mines Announces Strategic Relationship with...
7/28/2015BGM Announces First Drilling Results from Phase I Program on...
7/28/2015Barkerville Gold Mines Files Amended Financial Statements an...
7/15/2015Barkerville Gold Mines Closes $19Million Debt Settlement and...
7/8/2015Barkerville Gold Mines Announces Settlement of Debt and Crea...
4/9/2015Barkerville Gold Mines Announces Results of AGM
3/31/2015Barkerville Gold Mines Updates Cow Mountain Mineral Resource
3/23/2015Barkerville Announces Debt Settlement with Lender
3/17/2015Barkerville Gold Mines Provides Corporate Update
3/10/2015Barkerville Announces Executive Appointment
1/13/2015Executive Officer Appointments
12/16/2014Barkerville Announces Director Appointments
12/2/2014Barkerville Announces Further Extension to Credit Facility
11/4/2014Barkerville Gold Mines Reports Whole Hole Fire Assay Results...
10/28/2014Island Mountain Project Update
10/21/2014Barkerville Gold Mines Reports That a New Gold Mineralized Z...
3/13/2014Barkerville Closes Initial Tranche Of Private Placement
2/24/2014Barkerville Gold Mines Reports Whole Hole Metallic Screen Fi...
12/16/2013Barkerville Gold Mines Reports Metallic Screen Fire Assay Re...
11/4/2013Barkerville Gold Mines Reports Significant Intercepts of 201...
10/24/2013Barkerville Gold Mines Ltd. Pricing on Warrants and Grant of...
10/9/2013Closes $15 Million Gold Loan Facility and Common Shares Are ...
8/21/2013Barkerville Gold Mines Ltd. Clarifies And Updates Its Most R...
8/12/2013Barkerville Gold Mines Ltd. Arranges Short Term Loan
4/18/2013Announces Results of AGM
2/19/2013Approves Advanced Notice Policy
1/30/2013Resolves Shareholder Petition Respecting AGM and Pours Gold ...
1/15/2013Provides Project and Technical Update
12/10/2012Extension to Hold AGM and Petition by Rex Harbour to Call AG...
11/5/2012Provides Additional Update on its Technical Review and Proje...
10/20/2012Provides Update on its Technical Review
8/7/2012Be Advised - Barkerville Gold Mines - the next Goldcorp?????...
12/13/2011Barkerville Gold Mines Intercepts 62.3 meters (204.5 feet) o...
6/27/2011Intersects 19.9 Meters (65.4 Feet) of 83 g/t (2.429 oz/t) Go...
6/15/2011(Bonanza Ledge)Appoints Ross Hollinger as Mine Manager For Bonanza Ledge an...
6/2/2011(Myrtle-proserpine)Closes Acquisition of Myrtle-Proserpine and Promise Properti...
5/27/2011Barkerville Gold Mines
2/1/2011Releases Q3 Financials
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