Bayhorse Silver increases financing to $1-million

Executive Summary

• Bayhorse Silver increased its previously announced private placement to up to 25 million units at $0.04 per unit, targeting gross proceeds of approximately $1 million.
• Proceeds will be allocated to an IP survey on the Pegasus project (48%), final mine permitting (31%), and general & administrative expenses (21%).
• The company settled $59,579 of indebtedness to its corporate secretary by issuing 1,489,475 common shares at $0.04 per share, a related‑party transaction exempt from MI 61‑101 valuation thresholds.

Key Details

• Private Placement Size: Up to 25 million units (each unit = 1 common share + 1 transferable warrant).
• Unit Price: $0.04 per unit; expected gross proceeds ≈ $1 million.
• Warrant Terms: Each warrant exercisable for one common share at $0.06 per share, valid for 24 months from issuance.
• Use of Proceeds:
• 48% – Induced Polarization (IP) survey to define drill targets on Pegasus and test for porphyry copper.
• 31% – Advance final Bayhorse mine permitting.
• 21% – General and administrative expenses.
• Financing Structure: Non‑brokered, open to existing shareholders under NI 45‑106 shareholder exemption; no payments to non‑arm’s‑length parties or IR service providers.
• Finders’ Fees: May be payable on any portion of the financing not taken up by insiders, per TSX Venture Exchange policies.
• Debt Settlement: Outstanding indebtedness of $59,579 owed indirectly to corporate secretary Donna Moroney settled via issuance of 1,489,475 common shares at $0.04 per share.
• Related‑Party Transaction: Exempt from MI 61‑101 valuation and minority approval because the fair market value does not exceed 25% of market capitalization.

Notable Quotes

(No direct quotes were provided in the release.)