Bayhorse Silver Closes US$500,000 Second and Final Tranche of it’s US$ Net Revenue Participation, Convertible, Silver-Convertible, Debenture Offering
August 30, 2016 BHS2016-014
Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“) has closed the second and final tranche of its previously announced financing consisting of three year, Convertible,Silver-Convertible, Net Revenue Participation Debenture Units (the “Debenture”) for 100 Units of US$5,000 per Debenture Unit for gross proceeds of US$500,000.
The proceeds of the financing are for the ongoing work at the Bayhorse Silver Mine and the recently announced diamond drill program at the Bridging The Gap silver/lead/zinc project in Idaho’s “Silver Valley” (http://www.bayhorsesilver.com/bayhorse-silver-mobilizes-drill-rig-to-bridging-the-gap-idaho-usa/)
The Company anticipates delivery by Mount Baker Mining and Metals (MBMM) of Ferndale, WA, USA of the crushing equipment for the Bayhorse Silver Mine before the end of September at which time the Company will commence crushing the approximately 2,000 tones of mineralized material it has extracted from the Mine and stockpiled.
The recent gains in the spot price of silver from US$13.85/oz in January to the current US$18.65/oz, has created increased interest in the Company’s prospects at both the Bayhorse Silver Mine in east-central Oregon and the Bridging the Gap silver project in Idaho’s highly prolific “Silver Valley”.
Graeme O’Neill, a Director and CEO of the Company has subscribed for 20 Debenture Units of this tranche, bringing his participation in the total Debentures issued to date to 33 Debenture Units for US$165,000.