August 2, 2016 BHS2016-012
To Our Shareholders & Investors
We are pleased to announce that Bayhorse Silver Has Closed a US$250,000 1st Tranche Of Its US$ Net Revenue Participation, Convertible, Silver-Convertible Debenture Offering.
Bayhorse Silver Inc. BHS: TSX-V (the "Company" or "Bayhorse") has closed the first tranche of its previously announced financing consisting of three year, Convertible, Silver-Convertible, Net Revenue Participation Debenture Units (the "Debenture") for 50 Units of US$5,000 per Debenture Unit for gross proceeds of US$250,000.
The Company has selected Mount Baker Mining and Metals (MBMM) of Ferndale, WA, USA, a custom manufacturer of crushing equipment, and Sepro Systems (Sepro) of Langley, BC, Canada, a Dense Media Plant manufacturer as suppliers of the preliminary equipment for the Bayhorse Silver Mine. Met-Solve Metallurgical Laboratories (Met-Solve) of Langley, BC conducted the metallurgical work that established the parameters for selecting these equipment providers.
The Company anticipates conducting additional metallurgical testing on the approximately 800 metric tonnes of mineralized material stockpiled at the Bayhorse Silver Mine. The Company is reducing the amount of the Debenture financing from US$2,000,000 to US$1,000,000 and is extending the Debenture closing to August 30, 2016.
The Debenture has been structured to enable all existing non-accredited investor shareholders the opportunity to participate in the Bayhorse Mine Debenture financing. The Debenture proceeds are for continuing work at the Bayhorse Silver Mine and to commence the diamond drilling program at the Bridging The Gap silver project.
In addition to any other exemption available to the Company, participation in the Debenture financing is also open to all existing shareholders, even if not accredited investors, in participating jurisdictions, under the "existing shareholder" exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313. Finder fees may be payable on a portion of the financing according to the policies of the TSX-V.
The recent gains in the spot price of silver from US$13.85/oz in January to the current US$20.56/oz, has created increased interest in the Company's prospects at both the Bayhorse Silver Mine in east-central Oregon and the Bridging the Gap silver project in Idaho's highly prolific "Silver Valley".
Graeme O'Neill, a Director and CEO of the Company has subscribed for 10 Debenture Units of this tranche, bringing his participation in the total Debentures issued to date to 16 Debenture Units for US$80,000.
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Bayhorse Silver Inc. a junior exploration company is earning an 80% interest in the historic Bayhorse Silver Mine, Oregon, USA, that has potential for a substantial silver discovery Bayhorse is also earning a 75% 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. The Company has an experienced management and technical team with extensive exploration expertise. This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.
On Behalf of the Board
Graeme O'Neill, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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