BAYHORSE WISHES A MERRY CHRISTMAS AND PROSPEROUS NEW YEAR TO ALL INVESTORS. CLOSES FIRST TRANCHE OF NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT FOR CANADIAN QUALIFIED EXPLORATION EXPENDITURES
December 23, 2021 BHS2021-21
Bayhorse Silver Inc, (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company” or “Bayhorse”) announces, subject to TSX Venture Exchange approval, it has closed a first tranche of its 3 million Unit Flow-Through Private Placement of 1,940,000 Flow-Through Units for gross proceeds of $194,000. Each Flow-Through Unit will consist of one common share of the Company and one transferable common share purchase warrant at $0.10 cents per Unit. Each common share purchase warrant is exercisable into one common share of the Company at an exercise price of $0.15 cents for two years from date of issuance.
In addition to any other exemption available to the Company, participation in the non-brokered financing is also open to all existing Canadian 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.
The funds raised are for the purposes of advancing the Company’s Brandywine gold project 40 minutes by paved highway north of Vancouver, BC.
The Company has recently published a National Instrument NI-43-101 Technical Report . (Apex Geoscience 2021) on the Brandywine Property, and, subject to any final permitting approval, is planning to complete the first stage geological and geophysical work program at the earliest opportunity. As reported in the Company’s news release BHS2020-Visible gold was identified at the Dave’s Pond drilling locations as outlined in the Company’s QA/QC Report, that forms part of the NI-43-101 Technical Report
At the Company’s Bayhorse Silver Mine, the newly upgraded mill facility is going through the final testing stages prior to commencing full operations, anticipated in early January 2022. Website photos and videos are being updated and can be viewed at https://bayhorsesilver.com/bayhorse-mineral-processing/
Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V Exchange.
Bayhorse CFO, Rick Low, has subscribed for 300,000 Units of the Placement, This participation by Bayhorse’s 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 contents.
On Behalf of the Board,
Graeme O’Neill, CEO