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Bayhorse Silver Inc V.BHS

Alternate Symbol(s):  BHSIF

Bayhorse Silver Inc. is a junior natural resource company, which is engaged in the acquisition, exploration and development of natural resource properties. The Company has a 100% interest in the Bayhorse Silver Mine, Oregon United States of America. The Bayhorse Silver Mine and the Pegasus Project are 44 kilometers (km) southwest of Hercules Metals’ porphyry copper discovery. The Company also has an option to acquire an 80% interest in the Brandywine Property located in British Columbia, Canada. The Brandywine Property is located near Squamish, British Columbia.


TSXV:BHS - Post by User

Bullboard Posts
Post by vortexdmon Jan 24, 2014 10:52am
132 Views
Post# 22129824

NEWS: BHS Closes Private Placement

NEWS: BHS Closes Private Placement

 

Bayhorse Silver closes $300,000 private placement

2014-01-23 19:36 ET - News Release

 

Mr. Graeme O'Neill reports

BAYHORSE SILVER ANNOUNCES CLOSE OF NON-BROKERED PRIVATE PLACEMENT

Bayhorse Silver Inc., subject to TSX Venture Exchange approval, has closed its previously announced non-brokered private placement of three million units at 10 cents per unit for gross proceeds of $300,000.

Each unit consists of one common share and one transferable common share purchase warrant, with each warrant exercisable into one common share of the company at an exercise price of 20 cents, exercisable for a period of 30 months from the date of issuance, being Jan. 23, 2014.

The funds raised will be used for the Bayhorse silver project, New Zealand gold projects, costs associated with the Spinco by way of plan of arrangement, that was approved by shareholders at the company's recent annual and special general meeting, as well as general and administrative costs.

A finder's fee was paid on a portion of the private placement, being $10,500 cash and 105,000 agent warrants, with each warrant being exercisable into one common share at an exercise price of 20 cents per share, exercisable for a period of 30 months from the date of issuance, being Jan. 23, 2014.

Graeme O'Neill, a director and officer of the company, subscribed for one million units of the placement and, upon completion of the placement, holds 2,607,212 common shares, representing 13.6 per cent 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 May 24, 2014.

We seek Safe Harbor.

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