December 7, 2022 BHS2022-20
Bayhorse Silver Inc, (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company” or “Bayhorse”)
The Company announces that, subject to TSX Venture Exchange approval, its previously announced non-brokered non-flow through private placement for up to 4,000,000 units at $0.05 cents per unit for gross proceeds of $200,000, has been amended to 8,000,000 Units at $0.04 cents for gross proceeds of $320,000.
Each non-flow through 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 $0.10 cents, exercisable for a period of 24 months from the date of issuance. The previously announced flow through financing terms remain unchanged.
The proceeds of the non-flow through financing are for the Bayhorse Silver Mine Mill operations working capital and for general and administrative expenses.
The Company is now ready and preparing a silver/copper concentrate container shipment to Ocean Partners. (MSDS) The shipment was delayed for a number of reasons, including low silver prices, lack of container availability, and drastically increased shipping costs.
In addition to any other exemption available to the Company, participation in the non-brokered financing is also open to all existing Canadian 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.
Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V Exchange.
Securities issued under this placement will be subject to a four month plus a day hold period from the date of issuance.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its content.
On Behalf of the Board.
Graeme O’Neill, CEO