Proceeds for expanded drill program on Rainy River gold properties
By Marisa Wong
Madison, Wis., Sept. 13 - Bayfield Ventures Corp. said it arranged a C$5 million non-brokered private placement of flow-through shares.
The company will sell 3,571,428 flow-through shares at C$1.40 per share.
Bayfield said that a finder's fee equal to 5% cash commission and non-transferable warrants equal to 5% of the total shares issued will be paid in connection with the private placement.
Each finder's warrant will entitle the finder to purchase one common share at $1.29 for a period of two years from the closing date of the private placement. The warrant exercise price represents a 6.61% premium to the Sept. 10 closing share price of C$1.21.
All shares issued by the company will be subject to a four-month hold period.
Proceeds will be used for an expanded drill program on its wholly owned Rainy River gold properties located in northwestern Ontario.
Vancouver, B.C.-based Bayfield is a gold exploration company.
| Issuer: | Bayfield Ventures Corp.
|
| Issue: | Flow-through shares
|
| Amount: | C$5 million
|
| Shares: | 3,571,428
|
| Price: | C$1.40
|
| Warrants: | Non-transferrable warrants equal to 5% of total shares issued
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.29
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 13
|
| Stock symbol: | TSX Venture: BYV
|
| Stock price: | C$1.21 at close Sept. 10
|
| Market capitalization: | C$52.75 million
|
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