Bayhorse Silver Completes 25 Million Unit Private Fundraising for Continued Operations at the Bayhorse Silver Mine and IP Examination on the Pegasus Project, Idaho, United States.
Bayhorse Silver Inc. (Bayhorse), a mining company with a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA, has announced a significant development. The company has closed a private placement of 25,000,000 Units for gross proceeds of $1,000,000.
Each Unit consists of one common share and one transferable common share purchase warrant. The warrants are exercisable into one common share at six cents per common share for a period of 24 months from the date of issuance.
The participation by the CEO, Graeme O'Neill, and CFO, Rick Low, in this private placement is considered a "related party transaction". Mr. O'Neill has subscribed for 8,552,125 Units, while Mr. Low has subscribed for 375,000 Units. The company will pay cash finder's fees of $38,640 and issue 966,000 finder's warrants. The securities issued under this placement will be subject to a hold period expiring on January 19, 2026.
The funds received will be utilised for various purposes. Approximately 48% will be allocated for an IP survey, 31% for Bayhorse Mine permitting, 21% for general and administrative expenses, and the remaining amount for other unspecified purposes.
Bayhorse Silver Inc. has established an up to 60 ton/day mill and standard flotation processing facility in nearby Payette County, Idaho, USA. The company has also concluded an offtake agreement for the mill and flotation process with Ocean Partners UK Limited.
The Bayhorse Mine includes a state-of-the-art 40 ton per hour Steinert Ore-Sorter that reduces waste rock entering the processing stream by up to 85%. The mine is a minimum environmental impact facility capable of processing at a mining rate up to 200 tons/day.
Bayhorse Silver Inc. boasts an experienced management and technical team with extensive mining expertise in both exploration and building mines. The company's CEO, Graeme O'Neill, can be contacted at 866-399-6539.
In addition to the Bayhorse Mine, Bayhorse Silver Inc. also has the Pegasus Project in Washington County, Idaho. The company continues to explore and develop its assets, aiming to maximise shareholder value.
This press release was prepared by the Bayhorse Silver Inc. Board of Directors.
