27 June 2014 – BHS2014-19
Bayhorse Silver Inc. (“Bayhorse” or the “Company”) BHS: TSX-V, announces that, subject to TSX-V approval, it has closed a first tranche of 1,500,000 Units of its previously announced 5,000,000 Unit non-brokered private placement, for gross proceeds of $150,000.
Each Unit consists 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 $0.15, exercisable for a period of 30 months from the date of issuance.
The proceeds of the private placement will be used for the Bayhorse Silver Project, New Zealand Gold Projects, and general and administrative costs.
Mr. Graeme O’Neill, a director and officer of the Company, subscribed for 900,000 Units of the placement and upon completion of the placement, will hold 3,057,212 common shares, representing 14.7% of the Company’s issued and outstanding shares. The price of the Units was determined in accordance with the policies of the TSX Venture Exchange. The acquisition of Units by insiders under the private placement was exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 pursuant to sections 5.5(a) and 5.7(a) of that instrument.
all securities issued under the private placement are subject to a four-month hold period which expires October 28, 2014.