VANCOUVER, BC AND TORONTO, Feb. 26, 2024 /CNW/ - Barsele Minerals Corp. ("Barsele") (TSXV: BME) and Gold Line Resources Ltd. ("Gold Line") (TSXV: GLDL) are pleased to announce, further to the news release dated December 13, 2023, the successful completion of the merger transaction pursuant to which Barsele has acquired all of the issued and outstanding common shares of Gold Line (the "Gold Line Shares") by way of a court-approved plan of arrangement (the "Arrangement").

Pursuant to the Arrangement, the holders of the issued and outstanding Gold Line Shares received 0.7382 (the "Exchange Ratio") of a Barsele common share (each whole share a "Barsele Share") for each one (1) Gold Line Share held. Immediately prior to completion of the Arrangement, PI Financial Corp. was issued 1,151,450 Gold Line Shares at a deemed price of $0.0865 per Gold Line Share, which converted to 850,000 Barsele Shares upon completion of the Arrangement, in satisfaction of a financial advisory fee of $100,000 payable by Gold Line. PI Financial Corp. was also entitled to receive a cash fee of $75,000 from Gold Line. Upon completion of the Arrangement, Barsele issued an aggregate of 35,747,716 Barsele Shares to former holders of Gold Line Shares.

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