BAYHORSE INCREASES NON-BROKERED PRIVATE PLACEMENT Bayhorse Silver Inc. BHS: TSX -V (the “ Company” or “ Bayhorse”) announces, that, due to significant demand, and subject to TSX- V Exchange approval , it has increased its previously
January 29, 2021 BHS2021-05
BAYHORSE INCREASES NON-BROKERED PRIVATE PLACEMENT
Bayhorse Silver Inc. BHS: TSX -V (the “ Company” or “ Bayhorse”) announces, that, due to
significant demand, and subject to TSX- V Exchange approval , it has increased its previously
announced non-brokered private placement for up to 8,000,000 Units at $0.08 cents per Unit for
gross proceeds of $640,000 to up to 20,000,000 million units for gross proceeds of $1,600,000.
Each C$0.08 cent Unit will consist of one (1) common share and one (1) transferable common
share purchase warrant, with each warrant exercisable into one (1) common share of the
Company at an exercise price of $0.15 cents, exercisable for a period of 24 months from the date
of issuance.
In addition to any other exemption available to the Company, participation in the non-brokered
financing is also open to all existing shareholders, even if not accre dited investors, under the
"existing shareholder" exemption of National Instrument 45-106 as promulgated in Multilateral
CSA notice 45-313 in participating jurisdictions.
The funds raised are for the purpose of completing the silver Offtake Agreement with Ocean
Partners UK Limited for delivery of the initial 300 ton silver concentrate, underground drilling
at the Bayhorse Silver Mine as well as general and administrative costs.
Bayhorse CEO Graeme O’Neill comments “ during this past twelve months, Bayhorse has
significantly advanced its ability to ship silver concentrate from its flagship Bayhorse Silver Mine.
Our goal was to enter into a silver concentrate Off- Take Agreement with a strong partner , now
reached with Ocean Partners UK Limited (“Ocean”). Numerous analysts have been calling for
much higher silver prices as we entered 2021. This past week, the Reddit participation in the
silver market appears to have precipitated this rise. The gold/silver ratio that rose to 131:1 in
early 2020, now looks as if it is fully reversing in an overswing, and in my opinion, may go as low
as 40:1 before reverting back to the mean. We believe the rise in silver prices will significantly
benefit Bayhorse as it prepares to ship its silver/copper concentrate under our Off- Take
Agreement with Ocean.”
The Company is not basing any decision to produce on a feasibility study of mineral reserves
demonstrating economic and technical viability, and also advises there is an increased
uncertainty and specific economic and techn ical risk of failure with any production decision.
These risks include, but are not limited to, a drop in price of commodities produced, namely
silver, copper, lead and zinc, from the pricing used to make a production decision. Failure of
grades of the pro duced material to fall within the parameters used to make the production
decision, and increase in mining costs due to changes within the mine during development and
mining procedures. There are also metallurgical recovery changes that cannot be anticipated at
the time of production.
Finder fees may be payable on a portion of the financing not taken down by insiders according
to the policies of the TSX-V.
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
604-684-3394
About Bayhorse Silver Inc.
Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic
Bayhorse Silver Mine located in Oregon, USA. With state of the art Steinert Ore -Sorting technology
reducing waste rock entering the processing stream by up to 85%, we have created a minimum
environmental impact facility capable of mining 200 tons of mineralization per day and the ability to
process and supply 3,600 tons per year of silver/copper concentrate ranging between 7,500 to 15,000
g/t using standard f lotation processing at its milling facility in nearby Payette County, Idaho, USA,
with an offtake agreement in place with Ocean Partners UK Limited. The Company also has an option
to acquire an 80% interest in the Brandywine high grade silver/gold property located in B.C. Canada.
The Company has an experienced management and technical team with extensive mining expertise in
both exploration and building mines.
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.