Bayhorse Silver Closes Non-brokered Private Placement
Bayhorse Silver Inc. (the “Company” or “Bayhorse”) announces that it has closed a non-brokered private placement of 1,900,000 Units at $0.10 per Unit for gross proceeds of $190,000. 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 $0.20, exercisable for a period of 30 months from the date of issuance.
The funds raised will be used for the Bayhorse Silver Project, New Zealand Gold Projects, costs associated with the proposed Spinco by way of plan of arrangement, as well as general and administrative costs.
Mr. Graeme O’Neill, a director and officer of the Company subscribed for 1,600,000 Units of the placement and upon completion of the placement holds 1,607,212 common shares representing 10.24% 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 April 17, 2014.
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Bayhorse Silver Inc. is a junior exploration company with a 100% interest in its three major high grade New Zealand gold prospects (Alexander River, Paparoa and Lyell), in the highly prolific West Coast South Island gold fields of New Zealand, where it offers investors the potential for a major gold discovery and is earning an 80% interest in its newly acquired historic Bayhorse Silver Mine that has the potential for a substantial silver discovery. The Company has an experienced management and technical team with extensive exploration expertise. This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O’Neill, President
