Bayfield Ventures Corp.
TSX VENTURE : BYV
FRANKFURT : B4N

Bayfield Ventures Corp.

December 24, 2009 10:52 ET

Bayfield Ventures Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2009) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") announces that it has issued a total of 1,500,000 units pursuant to a private placement announced December 11th, 2009.

A total of 1,500,000 units were issued at a purchase price of $0.10 per unit. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable at a price of $0.125 per share if exercised on or before December 22nd, 2010 and thereafter at an exercise price of $0.15 per share if exercised on or before December 22, 2011.

The common shares and warrants issued under the private placement, and any common shares issued pursuant to the exercise of the warrants are subject to a four month hold period under applicable securities laws and imposed by the TSX Venture Exchange expiring April 23rd 2010.

The Company issued 21,000 units as a finder's fee in connection with the private placement. The 21,000 finder's units have the same terms and conditions as the units issued under the private placement described in the foregoing.

Bayfield intends to utilize the proceeds of the private placement on a winter drill program on the Company's "Burns" Block property located in the Richardson Township, Rainy River District, northwestern Ontario.

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

Bayfield Ventures Corp. is actively involved in the exploration for gold in 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

James G. Pettit, Chairman

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.
    James G. Pettit
    Chairman
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    or
    Bayfield Ventures Corp.
    Donald G. Myers
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    info@bayfieldventures.com
    www.bayfieldventures.com