Barksdale Closes First Tranche of Private Placement for Gross Proceeds of C$13.2 Million and Completes Debt Settlement
Barksdale clears debt and raises $13.2 million to fund a 16,000-metre drilling program at its Arizona copper project.
Barksdale Resources Corp. has closed the first tranche of its non-brokered private placement, raising gross proceeds of approximately $13.18 million CAD. The company issued 73,216,777 units at $0.18 per unit, with each unit containing one-half of a warrant exercisable at $0.30 until October 8, 2028. Insiders participated significantly in the offering, purchasing $2.37 million worth of units.
Concurrently, the company settled $5.44 million in secured convertible debentures with Delbrook Capital by issuing 40,000,000 common shares and 5,208,333 units. This transaction effectively eliminates all significant debt from the balance sheet. The proceeds are earmarked for a phased 16,000-meter diamond core drilling program at the Sunnyside Porphyry Deposit and a ZTEM geophysical study.
Barksdale Resources Corp. expects to close the second and final tranche of the offering and the full exercise of Crescat Portfolio Management LLC's participation rights in mid-October 2026. All newly issued securities carry a four-month hold period expiring February 9, 2027.
Barksdale Resources Corp. (BRO) announced the financing and debt settlement on September 22, 2026, marking a follow-through event rather than a surprise. The transaction clears $5.44 million in secured convertible debentures, removing immediate interest burdens and collateral risks to strengthen the balance sheet ahead of the fall drilling campaign.
The $13.18 million tranche provides necessary runway for the 16,000-meter core program, which is critical for defining an initial mineral resource at Sunnyside. The issuance of ~73.2 million units plus ~45.2 million settlement units significantly increases the share count. However, insider participation and the strategic shift toward a copper-focused name, Arizona Standard Copper, aim to reposition the equity for broader institutional interest.
The news is expected and incremental to the September 22 announcement. It validates the company's ability to execute its financing plan and settle legacy debt, but does not alter the fundamental pre-revenue, exploration-stage risk profile.
Barksdale Resources Corp. (BRO) is a pre-revenue junior explorer focused on critical metals, primarily copper and gold. The company’s flagship asset is the Sunnyside Porphyry Deposit in the Patagonia District of Southern Arizona. The property wraps around South32's Hermosa project and hosts confirmed porphyry Cu-Mo mineralization extending over 1 km of strike and 1 km in depth.
In addition to its Arizona holdings, Barksdale Resources Corp. owns the San Javier IOCG project in Sonora, Mexico, which is at an advanced PEA stage. The company also maintains early-stage holdings in Canelo, Goat Canyon, San Antonio, and Four Metals in Arizona. The company is proposing a name change to Arizona Standard Copper Inc. to better reflect its strategic focus on copper exploration and development.