August 23, 2023 BHS2023-07
BAYHORSE CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Bayhorse Silver Inc, (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company” or “Bayhorse”) announces that, subject to the approval of the TSX Venture Exchange, it has closed a first tranche of 4 million Units of its non-brokered private placement dated August 22, 2023, for gross proceeds of $60,000.
Each unit consists of one common share, and one transferrable common share purchase warrant, each warrant exercisable into one common share of the Company at a price of $0.05 cents per common share for a period of 15 months from issuance.
Bayhorse Silver CEO, Graeme O’Neill, has subscribed for 4 million units of the private placement. He has funded his subscription partly through arranged sales and through the facility of the TSX Venture Exchange. This participation by Bayhorse’s CEO constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units acquired by the insider, nor the consideration for the units paid by such insider, exceed 25% of the Company’s market capitalization.
The funds received are to complete the deficiencies on the Company’s full operating permit application for the Bayhorse Silver Mine, to complete the reclamation of the Flagstaff property and for general and administrative expenses.
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