Bayhorse Silver (TSX-V:BHS, StockForum), a Vancouver-based mineral exploration firm managing and developing gold and silver base metals and coal mineralization in North America, New Zealand and Australia, announced today that the company, in an effort to continue its program to create shareholder value, had made two advisory appointments to assist in exploring and defining opportunities that lie within the emerging medical marijuana sector.
According to the news release, the company, still principally focused on its mining business, had appointed master grower Eben von Ranson, sole owner of Blueroots Cannabis and grower of medical marijuana since 2004.
Mr. von Ranson has designed and constructed four MMJ growing operations in Montana and Washington State and is currently in the application process with the State of Washington to construct and operate a 16,000 sq foot facility in Spokane, Washington.
The company made another agreement with business service provider and component manufacturing firm, Canna-Hydro (“CH”), out of Las Vegas, Nevada. CH has consulting services in Colorado and Washington related to legal and licensed MMJ operators, licensed growers of recreational marijuana which have passed the legalization process and licensed retail recreational dispensaries in states that have passed the legalization process.
Bayhorse has committed to paying the consultants US$5,000 per month each for six months and will grant them both 100,000 incentive stock options.
As yet, the company has yet to enter into any agreements related to business opportunities in the MMJ sector and warned investors that there were no assurances the company would acquire interests or enter into any MMJ agreements.
The release went on to note that Bayhorse had successfully spun off two new companies to its shareholders recently through plans of arrangement, Archean Star Resources in January 2011 and Silicom Systems in January 2014. Bayhorse received approximately 10 million shares in Archean as a result of the aforementioned transaction which the company sold for am estimated $750,000.
As stated before, the company continues to operate the Alexander River gold project in New Zealand as well as its recently purchased Bayhorse Silver Mine located in east-central Oregon. Bayhorse also continues to hold 100% interest in two other New Zealand projects, Red Queen and Paparoa, where exploration is being actively pursued, and it still maintains a 30% net-profit interest in the Flagstaff Barite Mine.
Bayhorse was in the news recently when the company announced assay results at the Bayhorse Silver Mine three days ago.
Shares climbed 21.43% on the news to $0.17 per share.
Currently there are 19.3m outstanding shares with a market cap of $3.3 million.
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