Bayfield Ventures Corp.
TSX VENTURE : BYV
FRANKFURT : B4N

Bayfield Ventures Corp.

October 18, 2010 12:59 ET

Bayfield Ventures Closes $5,000,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2010) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") is pleased to announce that it has closed its non-brokered private placement of $5,000,000 through the sale of 3,571,428 flow-through common shares (the "FT Shares") at a price of $1.40 per FT Share. The financing closed on October 14, 2010 (the "Closing Date").

The Company paid a cash commission of $250,000 on this transaction and issued 178,572 non-transferable finder's warrants to KBH Capital Corp. of Vancouver, BC, as a finder's fee in connection with this private placement. Each finder's warrant entitles the holder to purchase one common share of the company at a price or $1.16 and are exercisable for a period of two years from the Closing Date. 

No "control persons" (as defined in Policy 4.1 of the TSX Venture Exchange) or new insiders have been created as a result of the private placement. All shares issued by the Company will be subject to a hold period of four months from the Closing Date. 

The proceeds of the private placement will be used to fund the Company's exploration and development of its Rainy River gold project in north-western Ontario.

The Company is also pleased to announce that since September 1, 2010, it has raised approximately $2,000,000 through the exercise of non flow-through share purchase warrants. Bayfield Ventures currently has over $8,000,000 cash on hand and is well funded to continue its 50,000 metre drill program on its Rainy River properties located in north-western Ontario. 

Following the closing of the private placement, the Company will have approximately 50,490,377 common shares outstanding.

About Bayfield Ventures Corp.

Bayfield Ventures Corp. is exploring for gold in the Rainy River District of north-western 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 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.

Contact Information

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