Mr. Graeme O'Neill reports
BAYHORSE CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT AND INCREASES TOTAL PLACEMENT TO 5,000,000 UNITS
Bayhorse Silver Inc. has closed, subject to the approval of the TSX Venture Exchange, a second tranche of 1.76 million units of the previously announced 12.5 cents non-flow through private placement for gross proceeds of $220,000. The units issued under the placement are subject to a four-month hold period until Feb. 26, 2020.
The company also announces that, subject to the approval of the TSX-V, it has increased its previously announced 12.5-cent non-flow through private placement to comprise five million units for gross proceeds of $625,000.
Each non-flow-through unit comprises one common share and one transferable common share purchase warrant exercisable into one common share of the company at an exercise price of 25 cents for a period of 24 months from the date of issuance.
In addition to any other exemption available to the company, participation in the private placement 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.
Proceeds are to advance the Bayhorse silver mine and for general corporate purposes.
About Bayhorse Silver Inc.
Bayhorse, a junior exploration company, has earned a 100-per-cent interest in the historic Bayhorse silver mine in Oregon, United States, and has optioned the Brandywine, precious metals-rich, volcanogenic massive sulphide property located in British Columbia, Canada. The company has an experienced management and technical team with extensive exploration and mining expertise.
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