Barkerville Announces Further Extension to Credit Facility
February 10, 2015 / TheNewswire / Vancouver, BC - Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") is pleased to announce that the Company has recently entered into a fourth limited three-month extension and waiver (the "Extension") in connection with its existing Credit Agreement with 2176423 Ontario Ltd. (the "Lender"), a company controlled by Eric Sprott.
In connection with and in furtherance of the Extension, the Lender has agreed to waive any events of default under the Credit Agreement until April 30, 2015.
In addition, the Lender has agreed, subject to all prior regulatory approvals, to convert all default interest due and owing under the Credit Agreement to January 31, 2015 into 3,015,039 common shares of the Company at a deemed settlement and issuance price of $0.31 per common share.
The parties are also continuing to review potential loan amendments that might better fit with the Company's business operations going forward. The Credit Agreement otherwise remains in full force and effect.
On Behalf of the Board
"Greg Gibson"
Chairman of the Board
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. 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.
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