Business
Bayhorse Amends Terms of 7,500,000 Unit Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2020) - Bayhorse Silver Inc. (TSXV: B...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Amends Terms of 7,500,000 Unit Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 1, 2020) - Bayhorse Silver Inc. (TSXV: BHS) (the \"Company\" or \"Bayhorse\") has amended its previously announced non-brokered private placement for up to 7,500,000 Units at C$0.05 per Unit for gross proceeds of C$375,000. The private placement as originally announced did not conform with Exchange Policy 4.1.8 (b) and has been amended to the following.Each C$0.05 Unit is to consist of one (1) common share, and one (1) transferable common share purchase warrant (a \"Warrant\"). Each Warrant is exercisable into one (1) common share of the Company at an exercise price of $0.10 cents, or, at the Warrant Holder's option, each 200 Warrants is exercisable into one (1) ounce of silver at an exercise price of C$20.00 per ounce (the \"Silver Option\"). The Warrants are exercisable for a period of 24 months from the date of issuance. The exercise of the Silver Option into silver is subject to the following conditions:The Silver Option may only be exercised after the Company successfully mines and processes silver from the Bayhorse property prior to the maturity date of the Warrants, provided that the Company, at its sole discretion, delivers written notice to each Warrant holder that they shall have the right to receive payment in kind by delivery of physical ounces of silver; andThe exercise of the Silver Option is subject to a minimum of five thousand (5,000) Warrants (25 ounces of silver) In addition to any other exemption available to the Company, participation in the non-brokered financing 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 funds raised are for the purpose of optimizing the metallurgical work on the silver recovery from the upgrading, processing and refining of silver mineralization from the Bayhorse Silver Mine, Oregon, USA., as well as general and administrative purposes.Bayhorse CEO Graeme O'Neill comments, \"In these trying times with the Covid-19 virus running rampant, and many businesses in either limited operations, or shut down entirely, we must make the health of our miners, consultants, and management our ...