December 19, 2018 BHS2018-37
Bayhorse Silver Closes Debenture Financing.
Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“)has closed the final tranche of its recent US Dollar 12% convertible debenture financing for gross proceeds of US$370,000.
Graeme O’Neill, an Officer and Director of the Company, has sold, in arranged sales through the facilities of the TSX Venture Exchange, and in private transactions, (gypsy swaps) 1,470,000 common shares of the Company, and has subscribed for US$275,000 or 55 Debenture Units. In total, he has subscribed for US$450,000, or 90 US$5,000 debenture units in the financing.
The 2018 Silver Environment
Bayhorse CEO Graeme O’Neill comments. “The most important issue the resource sector has been facing this past year is the significant drop in the precious metals prices. The spot Silver price dropped from a high of US$17.25 in late May to the low of US$13.93 in mid November, and investors fled from the precious metals space. Of note is that Republic Metals, one of the world’s largest silver refiners, filed for Chapter 11 protection last month, a reflection of the malaise in the precious metals sector. “
“The historic silver to gold ratio used by investors to gauge the health of silver, has stayed stubbornly high at around 85 to 1 for the last five months. This ratio means that it takes 85 oz of silver to buy 1 oz of gold. The ratio is reportedly the highest in 25 years, affecting the confidence of every investor in silver. Additionally, the TSX Venture Exchange Index, where the majority of Junior Miners/Explorers trade, is hovering around 560, and has lost over 75% of its value from its last high, and in our opinion reflects the lack of confidence in the exploration and mining sectors of the market.”
Analyst Clive Maund, in his most recent market comments, says, with caveats, the price of silver (and gold) is ready for a rebound from the current lows.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.