Bayfield Ventures Corp.
TSX VENTURE : BYV
FRANKFURT : B4N

Bayfield Ventures Corp.

April 07, 2011 15:08 ET

Bayfield Ventures Closes $5.5 Million Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2011) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") is pleased to announce that, further to its news releases of March 9, 2011 and March 25, 2011, it has closed its flow-through (the "FT Offering") and non flow-through (the "NFT Offering") private placement financings led by Octagon Capital Corporation ("Octagon"), on an agency basis, for aggregate proceeds of $5,512,390. 

The Company issued a total of 5,099,322 flow-through shares (the "FT Shares") at a price of $0.90 per FT Share.

Bayfield Ventures also issued a total of 1,153,750 units (the "Unit") at a price of $0.80 per Unit. Each Unit consists of one common share (the "NFT Share") and one-half of one common share purchase warrant (the "Warrant"). Each whole Warrant is exercisable by the holder to acquire one common share of the Company at an exercise price of $1.20 per common share until April 7, 2014. 

The Company paid a commission fee of 7% in cash of the aggregate gross proceeds of the FT and NFT Offering and issued 646,696 agent's warrants. Each agent's warrant entitles the holder to acquire one additional common share at an exercise price of $0.80 per common share until April 7, 2014.

The proceeds of the FT Offering will be used to incur Canadian Exploration Expenditures on the continuing exploration of the Company's Rainy River gold projects in NW Ontario prior to December 31, 2012 and the proceeds of the Unit Offering will be used to fund its ongoing Rainy River gold projects and for general working capital.

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

The FT Shares, the NFT Shares, any shares acquired on exercise of the Warrants forming part of the Units and any shares acquired on exercise of the agent's warrants will be subject to a four month restriction on re-sale expiring August 8, 2011.

Subsequent to the closing, Bayfield Ventures has approximately 62 million shares outstanding and over $11 million in its treasury.

About Bayfield Ventures Corp.

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

On February 15th, Bayfield Ventures was recognized as a TSX Venture 50® company in 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license. The TSX Venture 50® are the top 10 companies listed on the TSX Venture Exchange, in each of five major industry sectors – mining, oil & gas, technology & life sciences, diversified industries and clean technology – based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2010.

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

For drilling updates, follow Bayfield on Facebook: http://www.facebook.com/group.php?gid=56518514278&ref=mf#!/group.php?gid=56518514278&v=wall

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.

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