Bayhorse closes final tranche of private placement

Executive Summary

• Bayhorse Silver Inc. closed the final tranche of its 25 million‑unit non‑brokered private placement, raising $1 million in gross proceeds.
• Proceeds are allocated to an induced polarization survey (48%), permitting work for the Bayhorse mine (31%), and general & administrative expenses (21%).
• The CEO and CFO subscribed to a combined ~8.9 million units, constituting a related‑party transaction exempt from MI 61‑101 valuation approval.

Key Details

• Placement Size: 25 million units; each unit = 1 common share + 1 transferable warrant.
• Gross Proceeds: $1 million.
• Warrant Terms: Exercise price $0.06 per common share; exercisable for 24 months from issuance.
• Use of Proceeds:
• Induced polarization survey – 48% of funds.
• Final Bayhorse mine permitting – 31% of funds.
• General and administrative expenses – 21% of funds.
• Finder’s Fees: Subject to TSX‑V approval, cash fees of $38,640 plus issuance of 966,000 finders’ warrants (same exercise price/term).
• Related‑Party Subscriptions:
• CEO Graeme O'Neill – 8,552,125 units (financed via arranged sales on TSX‑V).
• CFO Rick Low – 375,000 units.
• Regulatory Exemption: Transaction exempt from MI 61‑101 valuation and minority approval because neither fair market value nor consideration exceeds 25% of market cap.
• Hold Period: Securities subject to a hold period expiring 19 Jan 2026.

Notable Quotes

(No direct quotes provided in the release.)