VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2014) - Bayfield Ventures Corp. (TSX VENTURE:BYV)(PINKSHEETS:BYVVF)(FRANKFURT:B4N) announces, further to its news releases of April 22nd and May 2nd, it has closed the first tranche of its non-brokered private placement and has issued a total of 1.83 million non-flow-through units (the "Units") at a price of $0.25 per Unit to raise gross proceeds of $457,500. Each Unit consists of one common share in the capital of the Company ("Unit Shares") and one non-transferable common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one additional common share at a price of $0.255 per share until May 16, 2016.
In connection with the closing of the first tranche of the financing, the Company issued a total of 72,100 finder's warrants (the "Finder's Warrants") to finders who introduced certain subscribers to the private placement. The Finder's Warrants are on the same terms as the Unit Warrants. The Company also paid to finders a cash total of $18,025 in connection with this financing. The Unit Shares and Warrants issued under the private placement and any shares issued pursuant to the exercise of the Warrants and Finder's Warrants are subject to a four month and one day hold period until September 06, 2014 under applicable securities laws and imposed by the TSX Venture Exchange.
Bayfield Ventures intends to utilize the proceeds from these private placements for a planned exploration and drill program on its 100% owned Burns Block and "B" Block gold-silver projects located in the Rainy River district of north-western Ontario and for general working capital purposes. The Company's planned exploration and drill program will follow report recommendations contained in the recently completed Independent Mineral Resource Estimate entitled "BURNS BLOCK NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT," dated January 14, 2014 prepared by Riverbend Geological Services Inc. and a Technical Report entitled ""B" BLOCK NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT," dated Feb. 14, 2014.
Rainy River District Gold Zones: http://www.bayfieldventures.com/i/maps/BYV-Burns-Gold-Zones-NOV-2012.jpg
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold and silver in the Rainy River District of north-western Ontario. Bayfield Ventures goal is to increase shareholder value by developing exploration projects near world-class deposits that have the potential of becoming new discoveries.
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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.