Bayhorse Silver Inc. Increases Previously Announced Financing to $900,000, Closes 2nd Tranche for $324,900
Vancouver, June 5, 2017 - Bayhorse Silver Inc. (TSXV: BHS) ("Bayhorse" or the "Company"), has, subject to TSX-V approval, increased its previously announced financing of 5,000,000 Units at $0.15 per Unit to 6,000,000 Units at $0.15 cents per Unit for gross proceeds of $900,000. Each Unit consists of one (1) common share and one (1) transferable common share purchase warrant at an exercise price of $0.25 cents, exercisable for a period of 24 months from issuance.
The Company has closed a 2nd tranche of the financing for gross proceeds of $324,900. The funds raised will be for the extraction of up to 10,000 tons of mineralized material from the Bayhorse Silver Mine, the installation of the Steinert Ore-Sorter, that the Company has purchased, and for general and corporate purposes.
Finder fees may be payable on a portion of the financing according to the policies of the TSX-V. Graeme O'Neill, an Officer and Director of the Company has subscribed for 200,000 Units.
The Company advises it is not basing its decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and also advises there is increased uncertainty and specific economic and technical risks of failure associated with its production decision.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.
On Behalf of the Board.
Graeme O'Neill, President
(604) 684-3394
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. The Company has an experienced management and technical team with extensive exploration and mining expertise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.