Bayhorse Silver Announces $1,250,000 Non-Brokered Private Placement.
December 19, 2017 BHS2017-29
Bayhorse Silver Announces $1,250,000 Non-Brokered Private Placement.
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 6,250,000 Units at $0.20 per Unit for gross
proceeds of up to $1,250,000.
Each 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 $0.30 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.
Bayhorse CEO, Graeme O'Neill, in his year end video message to Shareholders, comments "Through
the end of 2017 the Bayhorse Mine has been readied for production with a modest investment of $3.5
million . The Mine now requires working capital to transition to a steady state cash flow that will
fund continuing operations."
"Mining, sorting, shipping, plus inventorying of silver during recovery operations at the refining
facility in northern Idaho will tie up considerable funds." "Following this capital raise the mine is
expected to be a self funding mining operation with a currently projected 5 years mine life. Mine life
is anticipated to be increased by up to another 5 years as exploration during production is
undertaken. "
Graeme O'Neill, a director and insider of the Company is subscribing for up to 4,000,000 Units of the
financing.
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 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.
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This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full
responsibility for its contents Dr. Clay Conway, P.Geo., a Qualified Person has prepared, supervised the preparation of,
or approved the technical content of this press release.
On Behalf of the Board.
Graeme O'Neill, President
Bayhorse Silver Inc., a junior exploration company, is earning an 80% 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.