VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2014) - Bayhorse Silver Inc. (the "Company" or "Bayhorse") (TSX VENTURE:BHS) announces that, subject to TSX Venture Exchange (TSX-V) approval, it is conducting a non-brokered private placement of up to 5,000,000 Units at $0.10 per Unit for gross proceeds of $500,000.
Each Unit consists of one (1) common share and one (1) non transferable common share purchase warrant, with each warrant exercisable into one (1) common share of the Company at an exercise price of $0.15, exercisable for a period of 24 months from the date of issuance.
The funds raised will be used for the Bayhorse silver project underground work, New Zealand Gold Projects, and general and administrative costs.
In addition to any other exemption available to the Company, participation in the financing is also open to existing shareholders who are not accredited investors under the "existing shareholder" exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions. Finder fees may be payable on a portion of the financing according to the policies of the TSX-V.
Bayhorse Silver Inc. is a junior exploration company that is earning an 80% interest in the high grade Bayhorse Silver Mine that has the potential for a major silver discovery. It has a 100% interest in its three major high grade New Zealand gold prospects (Alexander River, Paparoa and Red Queen), in the highly prolific West Coast South Island gold fields of New Zealand, where it offers investors the potential for a major gold discovery. The Company has an experienced management and technical team with extensive exploration expertise.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.