Business
Bayhorse Announces 7,500,000 Unit Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 23, 2020) - Bayhorse Silver Inc. (TSXV: ...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Announces 7,500,000 Unit Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 23, 2020) - Bayhorse Silver Inc. (TSXV: BHS) (the \"Company\" or \"Bayhorse\") announces, subject to TSX-V Exchange approval, a non-brokered private placement for up to 7,500,000 Units at $0.05 per Unit for gross proceeds of $375,000.Each C$0.05 Unit will consist of one (1) common share, one (1) transferable common share purchase warrant and one (1) transferable silver certificate for each 1,000 units subscribed for. Each warrant is exercisable into one (1) common share of the Company at an exercise price of $0.10 cents, exercisable for a period of 24 months from the date of issuance. Each silver certificate is exercisable into one (1) ounce of silver at an exercise price of US$14.00, exercisable for a period of 24 months from the date of issuance, subject to the following conditions:a) The silver certificate may only be exercised after the Company successfully mines and processes silver from the Bayhorse property prior to the maturity date of the silver certificate, provided that the Company, at its sole discretion, delivers written notice to each silver certificate holder (the \"Silver Notice\") that they shall have the right to accept one of the following options:receive payment in kind by delivery of physical ounces of silver (the \"Silver Rights\"); orreceive the net proceeds from the sale by the Company of silver that would otherwise have been delivered to the silver certificate holder as Silver Rights (the \"Silver Proceeds\")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: \"The Company supports the travel restrictions and social distancing currently in place to avoid the spread of Corona Virus, and encourages all its investors ...