Mr. Graeme O'Neill reports
BAYHORSE INCREASES AND CLOSES SECOND TRANCHE OF NON-FLOW-THROUGH FINANCING
Bayhorse Silver Inc. has, due to substantial oversubscriptions, and subject to the approval of the TSX Venture Exchange, increased the non-flow-through portion of its previously announced five-million-unit private placement to 6,756,562 million units, and closed the second and final tranche of 3.95 million units for gross proceeds of $316,000. Each non-flow-through unit will consist of one common share at eight cents per share and one transferable common share purchase warrant exercisable at 18 cents for two years from 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 accredited investors, under the existing shareholder exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions.
The finances raised are for the purpose of advancing the company's Brandywine project and for optimizing the metallurgical work on the silver recovery from the upgrading, processing and refining of silver mineralization from the Bayhorse silver mine, Oregon, as well as general and administrative purposes.
Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V.
Graeme O'Neill, a director and officer of the company, has subscribed for a total of 2.75 million units of the placement. As prior announced by news release, he has financed his subscription through the sale, both privately and through the facilities of the TSX-V, of 1.75 million shares of the company.
Securities issued under this placement will be subject to a four-month-plus-a-day hold period from the date of issuance.
About Bayhorse Silver Inc.
Bayhorse is an exploration and production company with a 100-per-cent interest in the historic Bayhorse silver mine located in Oregon and an option on the Brandywine precious-metals-rich volcanogenic massive sulphide property located in British Columbia.
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