Bayhorse Shares For Debt

September 25, 2023                                                                                                            BHS2023-08

BAYHORSE ANNOUNCES SHARES FOR DEBT SETTLEMENT

Bayhorse Silver Inc, (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company” or “Bayhorse”) announces  that it has agreed to settle outstanding indebtedness owing indirectly to Graeme O’Neill, CEO and a director of the Company, in the sum of C$30,000 by the issuance of an aggregate of 2,000,000 common shares in the capital stock of the Company at a price of $0.015 per share, which transaction is subject to the approval of the TSX Venture Exchange.

Mr. O’Neill currently directly and indirectly holds 8,571,075 common shares of the Company and following closing of the shares for debt settlement will have ownership and control of 10,571,075 common shares representing 4.75% of the issued and outstanding shares of the Company.

The issuance of the debt settlement shares to Mr. O’Neill constitutes a “related party transaction” under MI 61-101. The Company is exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the shares for debt transaction under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) nor the fair market value of the consideration for the transaction exceeds 25% of the Company’s market capitalization (as determined under MI 61-101).

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