Bayhorse Increases Non-Brokered Private Placement to 18 Million Units.
April 15, 2020 BHS2020-08
BAYHORSE INCREASES NON-BROKERED PRIVATE PLACEMENT TO 18 MILLION UNITS.
Bayhorse Silver Inc. BHS: TSX-V (the “ Company” or “ Bayhorse“) has, due to substantial
oversubscriptions, and subject to TSX Venture Exchange approval , increased its previously
announced non-brokered private placement to 18,000,000 Units at C$0.05 per Unit for gross
proceeds of C$900,000.
Each C$0.05 Unit consists of one (1) common share, and one (1) transferable common share
purchase warrant (a “Warrant”). Each Warrant is exercisable int o one (1) common share of the
Company at an exercise price of $0.10 cents, or, at the Warrant Holder’s option, each 200 Warrants
is exercisable into one (1) ounc e of silver at an exercise pric e of C$20.00 per ounce (the “Silver
Option”). The Warrants are exercisable for a period of 24 month s from the date of issuance. The
exercise of the Silver Option into silver is subject to the following conditions:
a) The Silver Option may only be exercised after the Company successfully mines and processes
silver from the Bayhorse property prior to the maturity date of the Warrants, provided that the
Company, at its sole discretion, delivers written notice to eac h Warrant holder that they shall
have the right to receive payment in kind by delivery of physical ounces of silver; and
b) The exercise of the Silver Option is subject to a minimum of fi ve thousand (5,000) Warrants
(25 ounces of silver).
In addition to any other exemption available to the Company, pa rticipation in the non-brokered
financing is also open to all existing shareholders, even if no t accredited 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 optimizing the metallur gical work on the silver recovery from
the upgrading, processing and refi ning of silver mineralization from the Bayhorse Silver Mine,
Oregon, USA., as well as general and administrative purposes.
Bayhorse CEO, Graeme O’Neill, comments, “With the recent resurg ence in precious metals prices,
we have seen increased interest in our current financing, so, s ubject to Exchange approval, have
increased it to meet the subscriptions received.”
The Company is not basing any decision to produce on a feasibil ity study of mineral reserves
demonstrating economic and technical viability and advises ther e is an increased uncertainty and
specific economic and technical risk of failure with any produc tion decision. These risks include, but
are not limited to, (i) a drop in price of commodities produced , namely silver, copper, lead and zinc,
from the pricing used to make a production decision; (ii) failu re of grades of the produced material to
fall within the parameters used to make the production decision ; (iii) an increase in mining costs due
to changes within the mine during development and mining proced ures; and (iv) metallurgical
recovery changes that cannot be anticipated at the time of production.
Finder fees may be payable on a portion of the financing not ta ken down by insiders according to the
policies of the TSX-V.
Securities issued under this placement will be subject to a fou r month and one day hold period from
the date of issuance.
This News Release has been prepared on behalf of the Bayhorse S ilver Inc. Board of Directors,
which accepts full responsibility for its contents.
On Behalf of the Board.
Graeme O'Neill, CEO
1-866-399-6539
Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic
Bayhorse Silver Mine located in Oregon, USA, and an option on the Brandywine, precious metals
rich, volcanogenic massive sulphide property located in B.C., Canada. The Company has an
experienced management and technical team with extensive mining expertise surrounding
exploration and building mines.
Neither the TSX Venture Exchange nor its Regulation Se rvices Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.