VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 4, 2014) - BAYHORSE SILVER INC. (TSX VENTURE:BHS) (the "Company") is pleased to report that the Company's previously announced plan of arrangement (the "Arrangement") with the Company's shareholders and SILCOM SYSTEMS INC. (formerly 0982550 B.C. Ltd.) ("Spinco") received shareholder approval on December 13, 2013 and final approval of the Supreme Court of British Columbia on January 24, 2014. Refer to the Company's Information Circular dated November 15, 2013, for additional information concerning the Arrangement.
The purpose of the Arrangement is to restructure the Company by creating a company, Spinco, which the Company believes will be beneficial to the shareholders of the Company, as it is expected that Spinco will enter into a definitive agreement to acquire a business upon completion of the Arrangement. Management also believes that by creating this new company and providing the Company's shareholders with an interest in this company, shareholder value will be enhanced.
The effective date for the Arrangement has been set as February 12, 2014. Shareholders of record as of February 10, 2014 will be entitled to participate in the Arrangement. The shares of the Company will trade ex-distribution on February 6, 2014.
ABOUT BAYHORSE SILVER INC.
Bayhorse Silver Inc. is a junior exploration company with a 100% interest in its three major high grade New Zealand gold prospects (Alexander River, Paparoa and Lyell), in the highly prolific West Coast South Island gold fields of New Zealand, where it offers investors the potential for a major gold discovery and is earning an 80% interest in its newly acquired historic Bayhorse Silver Mine that has the potential for a substantial silver discovery. The Company has an experienced management and technical team with extensive exploration expertise.
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.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business of the Company, including with respect to completion of the Arrangement. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. There is no guarantee that the Arrangement will be completed as proposed or at all. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.