Bayhorse Silver closes second tranche of financing

2019-12-31 07:10 ET - News Release

Mr. Graeme O'Neill reports

BAYHORSE CLOSES NON-BROKERED PRIVATE PLACEMENT TRANCHE

Subject to the approval of the TSX Venture Exchange, Bayhorse Silver Inc. has closed a second tranche of its previously announced non-brokered private placement consisting of 2.1 million flow-through units at 12.5 cents per unit, for gross proceeds of $262,500. Each flow-through unit consists of 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. The company paid $8,750 cash and issued 70,000 warrants as finder's fee.

In accordance with the TSX Venture Exchange rules, the shares issued are subject to a four-month-plus-a-day hold period from the date of issuance.

Proceeds are to advance the company's Brandywine project in British Columbia, Canada.

Bayhorse chief executive officer Graeme O'Neill has subscribed for one million flow-through units for gross proceeds to the company of $125,000. He has financed his subscriptions through the sale, both privately and through the facilities of the TSX Venture Exchange, of 1.25 million common shares of the company. Bayhorse chief financial officer Rick Low has subscribed for 100,000 flow-through shares for gross proceeds to the company of $12,500.

In addition to any other exemption available to the company, participation in the non-brokered 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.

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, 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 mining expertise surrounding exploration and building mines.

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