VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2012) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (OTCBB:BYVVF) (FRANKFURT:B4N) (the "Company") announces it has arranged a non-brokered private placement to raise up to $1,000,000 by the issuance of up to 2,857,142 flow-through common shares (the "FT common shares") of the Company at an issuance price of $0.35 per FT common share.
A finder's fee of up to 7% cash and 7% non-transferable non flow-through warrants (the "Finder's Warrants") may 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 twelve months from the closing date of the private placement.
Bayfield Ventures intends to utilize the proceeds from this private placement for a continuing drill program on its 100% owned Rainy River gold properties located in northwestern Ontario.
The above transaction is subject to the acceptance of the TSX Venture Exchange.
Rainy River District Gold Zones:
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold and silver in the Rainy River District of north-western Ontario. The Company is carrying out a 100,000 metre diamond drill program with drilling concentrated on the flagship Burns Block Project. The Company has 70.3 million shares outstanding.
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 and CEO
This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.