Bayfield Ventures (BYV-V) increases private placements to $1.75-million from $1 million
May 2nd 2014 - NR
Further to Bayfield Ventures Corp.'s news release of April 22, the company has increased its non-brokered private placement to up to four million units at a price of 25 cents per unit to raise proceeds of up to $1-million. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one common share for a period of two years at a price of 25.5 cents per share. Bayfield has also increased its non-brokered private placement to up to 2.5 million flow-through units at a price of 30 cents per FT unit to raise proceeds of up to $750,000. Each FT unit consists of one flow-through common share and one non-transferable non-flow-through warrant. Each NFT warrant will entitle the holder to purchase one non-flow-through common share for a period of two years at a price of 35 cents per share.
Bayfield Ventures intends to utilize the proceeds from these private placements for a planned exploration and drill program on its 100-per-cent-owned Burns block and B block gold-silver projects, located in the Rainy River district of Northwestern Ontario and for general working capital purposes. The company's planned exploration and drill program will follow report recommendations contained in the recently completed independent mineral resource estimate entitled, "Burns Block National Instrument 43-101-compliant Technical Report," dated Jan. 14, 2014, prepared by Riverbend Geological Services Inc., and a technical report entitled, "B Block National Instrument 43-101-compliant Technical Report," dated Feb. 14, 2014.
A finder's fee of up to 7 per cent in cash and 7 per cent in non-transferable NFT warrants may be paid in connection with these private placement offerings. Each finder's warrant will entitle the finder to purchase a common share at a price of 25.5 cents per share for the NFT units and 35 cents per share for the FT units for a period of two years from the closing date of the private placements.
All the securities issuable will be subject to a four-month hold period from the date of closing. The above transactions are subject to the acceptance of the TSX Venture Exchange. |
