/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Aug. 16,
2022 /CNW/ - Barsele Minerals Corp. (TSXV:
BME) (the "Company" or "Barsele") is pleased to
announce that, due to strong demand from prospective subscribers,
the Company has upsized its previously announced non-brokered
private placement (the "Offering") to up to 6,666,666 units
of the Company ("Units") at a price of $0.30 per Unit to raise aggregate gross proceeds
of up to approximately $2,000,000.
The other terms of the Offering announced on August 12, 2022 remain unchanged. The closing of
the Offering, anticipated to be on or about August 23, 2022, remains subject to certain
conditions, including the approval of the TSX Venture Exchange (the
"TSXV").
Certain insiders are expected to participate in the Offering. As
a result, the Offering will be considered a "related party
transaction" pursuant to Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Offering is exempt from
the formal valuation and minority shareholder approval requirements
of MI 61-101 by the application of Sections 5.5(b) and 5.7(1)(a) of
MI 61-101 because the shares trade on the TSXV and the fair market
value of insiders' participation is anticipated to be below 25% of
the Company's market capitalization as calculated for purposes of
MI 61-101.
The securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities
laws, and accordingly, may not be offered or sold within
the United States except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release is not an
offer or a solicitation of an offer of securities for sale in
the United States, nor will there
be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About Barsele Minerals
Corp.
Barsele is a Canadian-based junior exploration company managed
by the Belcarra Group, comprised of highly qualified mining
professionals. Barsele's main property is the Barsele Gold Project
in Västerbottens Län, Sweden, a
joint venture with Agnico Eagle. An amended NI 43‐101 Technical
Report on the Barsele Project with an effective date of
February 21, 2019, was filed on SEDAR
on December 16, 2020.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
FORWARD-LOOKING
STATEMENTS
This news release may contain forward-looking statements,
including statements with respect to the terms and size of the
Offering, the receipt of approvals for the Offering, closing of the
Offering and use of proceeds 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.
Neither 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
SOURCE Barsele Minerals Corp.
