Barksdale Capital Corp. raised gross proceeds of C$5.4 million through a nonbrokered private placement of 13,530,000 common shares at 40 Canadian cents apiece.
Certain directors, officers and insiders of the company subscribed for 1,225,000 shares under the placement for gross proceeds of C$490,000, according to an Oct. 5 release.
In addition, the company completed an initial C$650,000 option payment and the issuance of 1,250,000 shares to Regal Resources Inc. related to an August option agreement, which enables Barksdale to acquire up to a 67.5% stake in Regal's early stage Patagonia/Sunnyside copper-molybdenum project in Arizona.
Barksdale also placed 3,850,000 shares in escrow as the next option payment to Regal. The shares will be canceled and returned to treasury if the company terminates the option deal following initial exploration.
The company has one year from the receipt of all necessary governmental approvals and permits to complete an initial C$3 million exploration program at Sunnyside.