Bayhorse closes $300,000 first tranche of financing
2017-12-27 08:24 ET - News Release
Mr. Graeme O'Neill reports
BAYHORSE SILVER INC CLOSES 1,500,000 UNITS OF PREVIOUSLY ANNOUNCED FINANCING
Bayhorse Silver Inc., subject to TSX Venture Exchange approval, has closed its first tranche of previously announced financing for 1.5 million units at 20 cents per unit for gross proceeds of $300,000.
Each unit consists of one common share and one transferable common share purchase warrant at an exercise price of 30 cents, exercisable for a period of 24 months from issuance.
The funds raised will be 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 1.15 million units.
The company advises it is not basing its decision to produce 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.
About Bayhorse Silver Inc.
Bayhorse Silver is earning an 80-per-cent interest in the historic Bayhorse silver mine, Oregon. Bayhorse is also earning a 75-per-cent interest in the past-producing Bridging the Gap project, consisting of ASARCO's historic Crown Point, Silver King, Ranger, Wyoming, Curlew and Blackhawk silver/lead/zinc mines in Idaho's Silver Valley.
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