Business
Bayhorse Sells First Silver; Closes Second Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - March 12, 2019) - Bayhorse Silver Inc., (TSXV: ...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Sells First Silver; Closes Second Tranche of FinancingVancouver, British Columbia--(Newsfile Corp. - March 12, 2019) - Bayhorse Silver Inc., (TSXV: BHS) (\"Bayhorse\" or the \"Company\") has completed the sale of 1,320 ounces of .9999 refined silver from the current testing/refining program. As disclosed in the Company's new release BHS2019-06, silver is available for future sales and delivery. The Company made available for future sales and delivery the first 1,000 ounces of .9999 fine silver in 10 ounce bars, on a first come, first served basis from the current test processing/refining program. Within 24 hours of the news release, requests for silver totaled 1,320 ounces in 10 ounce rounds. The Company honored all requests for silver received during that first 24 hour period. Sale of the rounds, each 10 ounces (311 grams) of .9999 fine silver at US$15.10 per ounce, generated gross proceeds of US$19,932..The Company delivers high grade concentrate to Mineral Solutions LLC, (Minerals), a Joint Venture between Irish Metals LLC and Liberty Refiners LLC, of Coeur d'Alene, Idaho where they use a non-smelter process for final processing and refining.The company plans to sell additional .9999 silver recovered as a result of our ongoing testing and refining process and will announce availabilities as they arise. The Incidental proceeds from sales generated during the testing program will be netted against costs of production prior to declaration of commercial productionBayhorse CEO Graeme O'Neill comments, \"Every Company looks forward to the time when the first sale is made. We are very pleased to have taken this step. With the cooperation of Minerals Solutions LLC, we have eliminated the need, and associated costs, of shipping concentrate to overseas smelters.\"The analytical method used for the silver analysis consists of 1 Assay Ton (AT) samples subjected to fire assay with gravimetric finish. Subject to TSX-V Exchange approval, the Company has closed a second tranche consisting of 1,100,000 Units, for gross proceeds of $110,000, of its previously announced non-brokered private placement for up to 7,500,000 Units at $0.10 per Unit, and is extending the PP closing until April 15, 2019.Each C$0.10 Unit consists of one (1) common share and one (1) transferable common share purchase warrant, with each warrant exercisable into ...