Bayhorse Silver Closes First Tranche Of Its Recently Announced 20 Million Unit Non-Brokered Private Placement For The Diamond Drill Program at the Bayhorse Silver Mine, Oregon, And IP Survey On Its Adjacent Pegasus Project, Idaho, USA.
May 9, 2025. BHS25-09
Bayhorse Silver Closes First Tranche Of Its Recently Announced 20 Million Unit Non-Brokered Private Placement For The Diamond Drill Program at the Bayhorse Silver Mine, Oregon, And IP Survey On Its Adjacent Pegasus Project, Idaho, USA.
Bayhorse Silver Inc, (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company” or “Bayhorse”) announces that it has closed a first tranche consisting of 4,475,000 units of its previously announced twenty million unit non-brokered private for gross proceeds of $179,000.
Each unit consists of one common share and one transferable common share purchase warrant. Each warrant will be exercisable into one common share of the company at a price of six cents per common share for a period of 24 months from the date of issuance.
The funds received are to conduct the diamond drilling program on the recently identified IP low-resistivity targets at the Bayhorse Silver Mine (25%), an IP survey to further define drill targets on the Pegasus Project to test for the presence of a porphyry copper deposit (30%), to advance the final Bayhorse Mine permitting (25%), and for general and administrative expenses (20%).
Bayhorse CEO Graeme O’Neill has subscribed for 3,750,000 Units. 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.
None of the private placement proceeds will be paid to non-arm’s-length parties or persons conducting investor relations activities. In addition to any other exemption available to the company, participation in the non-brokered financing 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.
Finders’ fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX Venture Exchange.
Securities issued under this placement will be subject to a hold period expiring on September 10, 2025.
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
