VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2014) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (PINKSHEETS:BYVVF)(FRANKFURT:B4N)announces, further to its news release of April 22nd, that it has increased its non-brokered private placement to up to 4,000,000 units (the "Unit") at a price of $0.25 per unit to raise proceeds of up to $1,000,000. Each Unit consists of one common share and one non-transferable share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one common share for a period of two years at a price of $0.255 per share.
Bayfield has also increased its non-brokered private placement to up to 2,500,000 flow-through units (the "FT Units") at a price of $0.30 per FT Unit to raise proceeds of up to $750,000. Each FT Unit consists of one flow-through common share and one non-transferable non flow-through warrant (the "NFT Warrant"). Each NFT Warrant will entitle the holder to purchase one non flow-through common share for a period of two years at a price of $0.35 per share.
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:
A finder's fee of up to 7% cash and 7% non-transferable NFT warrants (the "Finder's Warrants") may be paid in connection with these private placement offerings. Each Finder's Warrant will entitle the Finder to purchase a common share at a price of $0.255 per share for the NFT Units and $0.35 per share for the FT Units for a period of two years from the closing date of the private placements.
All the securities issuable will be subject to a four-month hold period from the date of closing. The above transactions are subject to the acceptance of the TSX Venture Exchange.
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.