Vancouver, British Columbia--(Newsfile Corp. - April 25, 2017) - Bayhorse Silver Inc. (TSXV: BHS) (the "Company" or "Bayhorse") announces that, subject to TSX-V approval, it is conducting a non-brokered private placement of up to 5,000,000 Units at $0.15 per Unit for gross proceeds of up to $750,000 and has closed a first tranche for gross proceeds of $325,000.
Each Unit will consist 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 $0.25, exercisable for a period of 24 months from the date of issuance.
The funds raised will be used for the extraction of up to 10,000 tons of mineralized material from the Bayhorse Silver Mine, as well as general and administrative costs.
Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V. Graeme O'Neill, a Director and Officer of the Company has subscribed for 500,000 Units.
