Bayhorse Silver Closes Financing

August 16, 2022                                                                                              BHS2022-15

BAYHORSE INCREASES AND CLOSES RECENT PRIVATE PLACEMENT

Bayhorse Silver Inc, (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company” or “Bayhorse”)

The Company announces that, subject to TSX-V Exchange approval, it has increased and closed its non-brokered private placement from up to 10,000,000 Units at $0.04 cents per Unit, to 12,500,000 units for gross proceeds of $500,000

Each C$0.04 cent 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 proceeds of the financing are for the Bayhorse Silver Mine and Mill operations working capital, for Brandywine exploration, and for general and administrative expenses.

The Company paid finder’s fee of $700.00 in cash for the placement and issued 17,500 finder’s warrants. Each finder’s warrant is 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.

Bayhorse Silver CEO, Graeme O’Neill has subscribed for 5 million Units in the private placement. He has funded his subscription through arranged sales through the facility of the TSX Venture Exchange. Bayhorse Silver CFO, Rick Low has subscribed for 275,000 Units in the private placement. This participation by Bayhorse’s CEO and CFO 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.

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.