Mr. Graeme O'Neill reports
BAYHORSE ANNOUNCES SHARES FOR DEBT SETTLEMENT
Bayhorse Silver Inc. has agreed to settle outstanding indebtedness owing indirectly to Graeme O'Neill, chief executive officer and a director of the company, in the sum of $30,000 by the issuance of an aggregate of two million common shares in the capital stock of the company at a price of 1.5 cents per share, which transaction is subject to the approval of the TSX Venture Exchange.
Mr. O'Neill currently, directly and indirectly, holds 8,571,075 common shares of the company and, following the closing of the share-for-debt settlement, will have ownership and control of 10,571,075 common shares, representing 4.75 per cent of the issued and outstanding shares of the company.
The issuance of the debt settlement shares to Mr. O'Neill constitutes a related party transaction under Multilateral Instrument 61-101. The company is exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the share-for-debt transaction under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) nor the fair market value of the consideration for the transaction exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101).
This news release has been prepared on behalf of the Bayhorse Silver board of directors, which accepts full responsibility for its content.
About Bayhorse Silver Inc.
Bayhorse Silver is an exploration and production company with a 100-per-cent interest in the historic Bayhorse silver mine, located in Oregon in the United States. With state-of-the-art Steinert ore-sorting technology reducing waste rock entering the processing stream by up to 85 per cent, the company has 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 and 15,000 grams per tonne (g/t), using standard flotation processing at its milling facility in nearby Payette county in Idaho, U.S., with an offtake agreement in place with Ocean Partners U.K. Ltd. The company also has an option to acquire an 80-per-cent interest in the Brandywine high-grade silver/gold property located in British Columbia, Canada. The company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.
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