| | October 05, 2009
Bard To Raise Up To $1,000,000 Financing For Exploration Program
Bard Ventures Ltd. ("Bard" or the "Company") is pleased to announce that it has arranged a non-brokered private placement (the "Offering") of up to $1,000,000 through the sale of up to 4,166,666 flow-through units (the "FT Units") at $0.12 per FT Unit and up to 4,166,666 units (the "Units") at $0.12 per Unit. Each FT Unit will consist of one flow-through common share and one transferable share purchase warrant, each such share purchase warrant entitling the holder thereof to purchase one common share of the Company for a period of two years from the date of closing of the Offering at an exercise price of $0.20 per common share until the first anniversary and $0.25 per common share until the second anniversary. Each Unit will consist of one common share and one transferable share purchase warrant, each such share purchase warrant entitling the holder thereof to purchase one common share of the Company for a period of two years from the date of closing of the Offering at an exercise price of $0.15 per common share.
Upon closing of the Offering, the Company may pay a Finder's fee in cash equal to 5% of the gross proceeds raised from the sale of the FT Units. In addition, the Finder will receive a corporate finance fee of 3% payable in cash, and compensation options equal to 10% of the total number of FT Units sold, with each compensation option exercisable into one unit at an exercise price of $0.12 for two years from closing, each unit consisting of one common share and one transferable share purchase warrant, each such share purchase warrant entitling the holder thereof to purchase one common share of the Company for a period of two years from the date of closing of the Offering at an exercise price of $0.20 per common share until the first anniversary and $0.25 per common share until the second anniversary.
MineralFields Group has agreed to subscribe for up to $500,000 of the FT Unit Offering. "The Company is very pleased to be entering into this relationship with MineralFields Group" says Eugene Beukman, President and CEO. "This is an important milestone in the growth of Bard Ventures Ltd. and we look forward to working with MineralFields Group as we develop our holdings in the regions," he adds.
The Offering is anticipated to close on or before October 30, 2009. The Offering is subject to a number of conditions including the execution of formal documentation and receipt of applicable regulatory approvals.
Proceeds from the Offering will be used to finance general exploration activities on the Company's Lone Pine and Grouse Mountain properties in British Columbia and general corporate expenses.
The Lone Pine Property has a calculated measured and indicated resource at a 0.04% Mo cutoff of 110,340,000 tonnes grading 0.083%Mo containing 201,733,000 in-situ pounds of molybdenum. (Please refer to News Release dated January 22, 2009 for full resource disclosure).
The Property has an ideal location for operations with established infrastructure including:
- Highway 16;
- a natural gas pipeline;
- a major hydro power transmission line and transformer sub-station; and
- is located only 15 kilometers from the CN rail line in Houston, BC.
Bard is earning a 100% interest in the Property under the terms of an option agreement (see News Release dated September 15, 2006). The Lone Pine exploration work is being conducted under the supervision of Qualified Person Jim Miller-Tait, P.Geo., a Director of Bard.
"About MineralFields, Pathway and First Canadian Securities ®"
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
On behalf of:
Bard Ventures Ltd.
(signed) "Eugene Beukman"
Eugene Beukman, President
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This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
For all Bard Ventures Ltd. investor relations needs investors are asked to visit the Bard Ventures Ltd IR Hub at http://www.agoracom.com/IR/bardventures where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to cbs@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time. |
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