Barrian Mining completes $2.67-million IPO

Apr 24, 2019

2019-04-24 16:33 ET – News Release

An anonymous director reports

BARRIAN MINING CORP. COMPLETES IPO AND ANNOUNCES LISTING ON THE TSX VENTURE EXCHANGE

Barrian Mining Corp. has completed its initial public offering (IPO) of 13,362,000 common shares of the company at a price of 20 cents per share for aggregate gross proceeds of $2,672,400. The shares were listed on April 24, 2019, on the TSX Venture Exchange and are expected to commence trading on the exchange on or about Monday, April 29, 2019, under the trading symbol BARI.

Haywood Securities Inc. acted as exclusive agent in respect of the IPO on a commercially reasonable efforts basis. Pursuant to the IPO, the agent received a cash commission and an aggregate of 927,960 non-transferable compensation options entitling the agent and members of its selling group to purchase 927,960 shares at 20 cents per share at any time until April 24, 2021. The agent also received a corporate finance fee.

The net proceeds of the IPO will primarily be used to finance the acquisition of and exploration expenditures on the company’s Bolo property, comprising 187 unpatented lode mining claims and one patented lode mining claim situated in Nye county, Nevada, United States, on which the company has an option to acquire up to a 75-per-cent interest from Allegiant Gold Ltd. pursuant to an option agreement dated June 27, 2018, as amended on Oct. 24, 2018, Dec. 14, 2018, and March 12, 2019, between the company and the optionor, as well as for expenses of the IPO, general and administrative costs for the next 12 months, and general working capital purposes.

Upon closing of the IPO, the company has 40,192,000 shares issued and outstanding as of the date hereof, of which 5.7 million shares are subject to escrow, released 10 per cent on the IPO closing with an additional 15 per cent released every six months over a 36-month period, and 21.13 million shares are subject to escrow, released 20 per cent on the IPO closing with an additional 20 per cent released every month over a four-month period. An aggregate 3,345,500 shares were issued to the optionor immediately following the IPO closing as initial share payments pursuant to the option agreement and the option agreement dated June 19, 2018, as amended on Dec. 14, 2018, and March 12, 2019, between the company and the optionor with respect to the company’s Mogollon property. The optionor shares are subject to a statutory hold period of four months and one day from the date of issuance.

Additional information on the company, the IPO and the Bolo property can be found in the company’s amended and restated long form prospectus dated April 4, 2019, as filed on SEDAR.

About Barrian Mining Corp.

Barrian Mining is a mineral exploration company focused on the exploration and development of gold properties with its primary focus on the Bolo property located in Nevada, United States.

We seek Safe Harbor.

https://www.barrianmining.com/