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Bayhorse Silver Announces US$500,000 Convertible, Silver-Convertible, Debenture Offering and 1,500,000 Unit Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2018) - Bayhorse Silver Inc. ( TSXV:...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Silver Announces US$500,000 Convertible, Silver-Convertible, Debenture Offering and 1,500,000 Unit Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 27, 2018) - Bayhorse Silver Inc. (TSXV: BHS) (the \"Company\" or \"Bayhorse\") reports that, subject to TSX-V Exchange approval, it is conducting a non-brokered private placement of up to 1,500,000 Units at $0.10 per Unit for gross proceeds of up to $150,000 and a US$5,000 12% Convertible Debenture Unit financing for total proceeds of US$500,000. The Debenture shall be transferable and bear interest at a rate of twelve (12%) percent per annum, payable annually in arrears. Additionally, at the election of the Holders, the Debenture will be convertible into common shares of the Company at C$0.15 cents per share in accordance with the policies of the TSX-V, or, conditional upon notification by the Corporation of silver production, the Debenture holder may elect to convert the Debenture principal and accrued interest into ounces of silver at a conversion rate of US$16.50 an ounce.The Company may, twelve months after the date of issue, elect to redeem the US$5,000 Debentures, in part or in full, at a price of US$5,600 per each redeemed Debenture, plus payment of all accrued amounts due in respect of the redeemed Debentures. Each Debenture shall entitle the Holder to twenty thousand Warrants the \"Debenture Warrants\") exercisable into common shares of the Company at Canadian $0.20 per Debenture Warrant Share until three years from the date of issue. Purchasers of the Debentures shall be granted pre-emptive rights during the time they hold the Debentures to participate in any future issuance of debt securities of the Company. The C$150,000 private placement will consist of 1,500,000 Units. Each C$0.10 Unit will consist of one (1) common share and one half (1/2) of one transferable common share purchase warrant, with each whole warrant exercisable into one (1) common share of the Company at an exercise price of $0.15 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 Debenture 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 Multilat...