Vancouver (pcJ News Briefs) – Bayhorse Silver Inc. (TSX-V: BHS) intends to close a non-brokered private placement of up to 5,000,000 units at $0.15 per unit for gross proceeds of up to $750,000 and has closed a first tranche for gross proceeds of $325,000.
Each unit will consist of one common share and one transferable common share purchase warrant, with each warrant exercisable into one common share at an exercise price $0.25, exercisable for a period of 24 months from the date of issuance.
Graeme O’Neill, President and director of the company, subscribed for 500,000 units.
Proceeds will be used for the extraction of up to 10,000 tons of mineralized material from the Bayhorse Silver Mine, as well as general and administrative costs.
Bayhorse Silver Inc., a junior exploration company, is earning an 80% interest in the historic Bayhorse Silver Mine, Oregon, USA. Bayhorse is also earning a 75% interest in the past producing Bridging the Gap Project, consisting of ASARCO’s historic Crown Point, Silver King, Ranger, Wyoming, Curlew, and Blackhawk silver/lead/zinc mines in Idaho’s Silver Valley.
photo credit: Bayhorse Silver