Bayhorse Silver Announces $1,000,000 Non-Brokered Private Placement, Closes First Tranche.
April 11, 2018 BHS2018-09
Bayhorse Silver Announces $1,000,000 Non-Brokered Private Placement, Closes First Tranche.
Bayhorse Silver Inc. (the “Company” or “Bayhorse”) announces that, subject to TSX-V approval, it is conducting a non-brokered private placement of up to 5,555,555 Units at $0.18 per Unit for gross proceeds of up to $1,000,000 and has closed a first tranche of 1,055,608 units for gross proceeds of $190,009.44.
Each Unit will consist of one (1) common share and one half (1/2) of one transferable common share purchase warrant, with each whole warrant exercisable into one (1) common share of the Company at an exercise price of $0.25 cents, exercisable for a period of 24 months from the date of issuance.
The funds raised will be used for working capital purposes to operate the Bayhorse Silver Mine, as well as general and administrative costs.
Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V.
The Company has settled $1,581.33 of debt, being interest incurred on the conversion of US$20,000.00 of the Company’s convertible debentures through the issuance of 7,355 common shares of the Company at a price of 21.5 cents per share, being the closing price of the Company's stock on the settlement date of March 23, 2018. The issuance of the debt settlement shares is subject to TSX Venture Exchange approval
The Company advises it is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision.
**************************************************************************************** This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.
On Behalf of the Board.
Graeme O'Neill, CEO
Bayhorse Silver Inc., a junior exploration company, has earned a 100% interest in the historic Bayhorse Silver Mine, Oregon, USA. Bayhorse is also earning a 75% interest in the past producing Bridging the Gap Project, consisting of ASARCO’s historic Crown Point, Silver King, Ranger, Wyoming, Curlew, and Blackhawk silver/lead/zinc mines in Idaho’s Silver Valley. The Company has an experienced management and technical team with extensive exploration and mining expertise.
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 release.