Barker Minerals Ltd. (TSXV:BML) announced a non-brokered private placement of 10,000,000 units at CAD 0.05 per unit for gross proceeds of CAD 500,000 on August 2, 2012. Each unit shall consist of one common share and one half common share purchase warrant. Each warrant shall entitle the holder to acquire one additional common share on or before the date which is five years from the date of closing of the transaction. The warrant shall be exercisable at CAD 0.10 in the first year, CAD 0.20 in the second year, CAD 0.30 in the third year, CAD 0.40 in the fourth year, and CAD 0.50 in the fifth year. The transaction may see participation from insiders of the company for upto 7,000,000 units for CAD 350,000. The securities to be issued in the transaction are subject to a hold period of four months from the date of closing of the transaction. The company may pay finders' fee of 6% of the proceeds in cash and issue finders' warrants equivalent to 8% exercisable at CAD 0.10 for first year and CAD 0.20 for second year from the date of issuance.