Barksdale to Extend Financial Instruments and Amend the Expiry Date and Exercise Price of Warrants

Vancouver, British Columbia--(Newsfile Corp. - December 13, 2023) - Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") announces that, subject to the acceptance of the TSX Venture Exchange, it proposes to further extend the maturity date and conversion expiry date of the secured convertible debentures ("Debentures") held by Delbrook Capital Advisors Inc. ("Delbrook"), originally issued January 25, 2022 by way of private placement (see new release dated February 1, 2022). The Debentures bear interest at a rate of 10% and are convertible into Common Shares of the Company. In October, 2022, the maturity date of the Debentures was extended by one additional year from December 31, 2022 until December 31, 2023 and the conversion price increased to $0.55 (see news releases dated September 6 and October 14, 2022).

As of November 30, 2023, an aggregate principal of $1,500,000 of Debentures remain outstanding and are currently set to mature on December 31, 2023. If approved, the maturity date of the Debentures will be extended from December 31, 2023 to December 31, 2024 and conversion price of $0.55 will remain unchanged. Holders of the Debentures will receive their interest payments due to date pursuant to the terms of their current Debenture through a proposed securities for debt transaction to be announced at a future date. Subsequent interest payments will be subject to the terms of the amended Debenture.

In addition, subject to TSX Venture Exchange acceptance, the Company intends to (i) extend the expiry date of certain share purchase warrants, (the "Warrants") currently held by Delbrook by 12 months to December 31, 2024 and (ii) amend the exercise price to $0.60 per common share. The Warrants were issued as detachable warrants in consideration of amending the conversion price to $0.55, and extending the maturity date and the conversion expiry date to December 31, 2023 of the Debentures.

Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.

ON BEHALF OF BARKSDALE RESOURCES CORP

Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com

Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com

For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.

Neither the 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 news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/190974