RE:financing...and in the same news release it states:
Mr. O'Neill is also converting $450,000 (U.S.) of principal in convertible debentures at a conversion price of 12.5 cents, into common shares of Bayhorse for a total of 4,806,360 common shares. He is also converting, subject to TSX-V approval, $16,758.45 of accrued interest on the convertible debentures at a conversion price of 10 cents per share into 167,584 common shares of Bayhorse. Together with the private placement subscription, he will acquire an additional 6,473,944 common shares of the company for total holdings of 8,291,299 common shares.