Bayhorse Silver Inc. BHS: TSX-V (the 'Company' or 'Bayhorse') announces that it has closed the 1st tranche of its previously announced Flow- Through non-brokered private placement priced at $0.10 per unit for gross proceeds of $70,000.
Each Flow- Through unit consists of one common share and one transferable common share purchase warrant exercisable into one common share of the Company at an exercise price of $0.125 cents for a period of thirty-six months from the date of issuance.
Proceeds of the Flow-Through financing will fund the upcoming exploration program on the Company's newly acquired Brandywine gold/silver project, located in British Columbia, Canada.
The readily accessible, 1,432 hectare, brownfield Brandywine project containing precious- metals- rich, volcanogenic massive sulfides,.
In addition to any other exemption available to the Company, participation in the Flow- Through non-brokered private placement is also open to all existing shareholders, even if not accredited investors, under the 'existing shareholder' exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions.
The shares issued under the 1sttranche of placement are subject to a four month hold period until December 7, 2019.
Bayhorse CEO, Graeme O'Neill, has subscribed for a total 700,000 Flow Through Units of the private placement. To facilitate his subscriptions, he has sold, through both private transactions, and the facilities of the TSX Venture Exchange, 600,000 common shares of the Company.
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