Bayfield Ventures Corp.
TSX VENTURE : BYV
FRANKFURT : B4N

Bayfield Ventures Corp.

April 12, 2010 13:04 ET

Bayfield Ventures Arranges $4,000,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 12, 2010) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") announces it has arranged a non-brokered private placement to raise up to $2,502,500 by the issuance of up to 7,150,000 flow-through units (the "FT Units") at a price of $0.35 per FT Unit. Each FT Unit will consist of one flow-through common share and one-half (1/2) of one non-transferable non flow-through warrant (the "NFT Warrant"). Each whole NFT Warrant will entitle the holder to purchase one non flow-through common share at a price of $0.50 for a period of eighteen months from the closing date of the private placement.

The Company will also raise an additional $1,500,000 by carrying out a non-brokered private placement of up to 6,000,000 non flow-through units (the "NFT Units") at a price of $0.25 per NFT Unit. Each NFT Unit will consist of one non flow-through common share and one non-transferable non-flow-through share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase an additional non-flow-through common share of the Company at a price of $0.35 for a period of three years from the closing date of the private placement.

A finder's fee of up to 5% cash and 5% non-transferable non flow-through warrants (the "Finder's Warrants") will be paid in connection with the private placement offering. Each Finder's Warrant will entitle the Finder to purchase a non-flow-through common share at a price of $0.35 per share for a period of three years from the closing date of the private placement.

Bayfield Ventures intends to utilize the proceeds from these private placements for a continuing drill program on its 100% owned Rainy River gold properties located in northwestern Ontario and for general working capital purposes. The Company's drill program on its Rainy River Burns property will resume after spring break-up.

Rainy River district property claims map:
http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf

About Bayfield Ventures Corp.

Bayfield Ventures Corp. is exploring for gold in the Rainy River and Red Lake districts of northwestern Ontario.

For further information on Bayfield Ventures Corp. (TSX VENTURE:BYV), visit the Company's web site at www.bayfieldventures.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Donald C. Huston, President

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Contact Information

  • Bayfield Ventures Corp.
    Donald C. Huston
    President
    604-687-3376 or Toll Free: 800-567-8181
    or
    Bayfield Ventures Corp.
    Donald G. Myers
    Director
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    info@bayfieldventures.com
    www.bayfieldventures.com