Bayhorse Silver Inc Closes 3,768,500 Units Final Tranche Of Previously Announced Financing.
March 2, 2018 BHS2018-05
Bayhorse Silver Inc., TSX-V: BHS (“Bayhorse” or the “Company”) has, subject to TSX-V approval closed the final tranche of its previously announced financing for 3,768,500 Units at $0.20 per Unit for gross proceeds of $464,300.
Each Unit consists of one (1) common share and one (1) transferable common share purchase warrant at an exercise price of $0.30 cents, exercisable for a period of 24 months from issuance.
The funds raised are for operating capital for the Bayhorse Silver Mine, and for general and corporate purposes.
Finder fees may be payable on a portion of the financing according to the policies of the TSX-V. Graeme O’Neill, an Officer and Director of the Company has subscribed for 1,495,500 Units.
The Company reports that it has received the assays for the drilling program at the Bridging the Gap (BTG) Project. Despite intersecting a number of mineralized zones, there were no significant assays to report. The Company is re-evaluating the BTG Project.
The Company advises it is not basing its decision to produce at the Bayhorse Silver Mine on a feasibility study of mineral reserves demonstrating economic and technical viability and also advises there is increased uncertainty and specific economic and technical risks of failure associated with its production decision.
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