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Bayhorse Announces 7.5 Million Unit, Flow-Through, Non-Brokered Private Placement. Select Grab Sample at Brandywine Assayed 1 g/t Gold
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2019) - Bayhorse Silver Inc. (TSXV:&...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Announces 7.5 Million Unit, Flow-Through, Non-Brokered Private Placement. Select Grab Sample at Brandywine Assayed 1 g/t GoldVancouver, British Columbia--(Newsfile Corp. - April 17, 2019) - Bayhorse Silver Inc. (TSXV: BHS) (the \"Company\" or \"Bayhorse\") announces, subject to TSX-V Exchange approval, a non-brokered flow-through private placement for up to 7,500,000 Units at $0.125 per Unit for gross proceeds of $937,500.Each $0.125 Unit will consist of one (1) flow-through common share and one (1) transferable common share purchase warrant, with each warrant exercisable into one (1) common share of the Company at an exercise price of $0.20 cents, exercisable for a period of 24 months from the date of issuance.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.Proceeds of the financing are to fund the upcoming exploration program on the Company's newly acquire Brandywine gold/silver project.An airborne VTEM survey is planned for a nine square kilometer area covering the past historic gold and silver and base metal mining area on the property, as well as the gold and silver bearing massive sulphide exploration target identified by historic geochemical soil sampling and magnetic survey, as disclosed in the Company's news release, BHS2019-08.The VTEM survey will identify targets for a drill program to test the massive sulphide zone at depth.The readily accessible, 1,432 hectare, brownfield Brandywine deposit has undergone several exploration phases including bulk tonnage shipments to smelters, extensive drilling, and extensive geochemical and geophysical studies. (2018 Brandywine Minfile Report)A recent grab sample taken from the recently exposed massive sulphide outcrop, 100 meters south of the Placer Dome's 1989 gold and silver soil sampling grid, assayed 1 g/t gold and 45 g/t silver. Grab samples are select samples and are not necessarily representative of the mineralization on the propertyThe analytical method used for the silver analysis consists of 1 Assay Ton (AT) samples subjected to fire assay with gravimetric finish. Assa...