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Bayfield Ventures Closes Private Placement
By: Marketwired .
Dec. 14, 2012 03:22 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/14/12 -- Bayfield Ventures Corp. (TSX VENTURE:BYV) (PINKSHEETS:BYVVF) (FRANKFURT:B4N) is pleased to announce that further to its news release dated November 29, 2012 it has closed its non-brokered private placement and has issued a total of 4,020,029 flow-through common shares at a price of $0.35 per share to raise gross proceeds of $1,407,010.15.
The Company also paid a cash Finders' Fee of $98,490.70 and issued a total of 281,402 non-flow through warrants in connection with the private placement. The finders' warrants entitle the holder to purchase one additional non flow-through common share of the Company at a price of $0.35 per share until December 13, 2013.
The flow-through common shares issued under the private placement and any shares issued upon exercise of the finders' warrants will be subject to a four month restriction until April 14, 2012.
Bayfield Ventures will utilize the proceeds from this private placement for its continuing drill program on its 100% owned Rainy River gold properties located in northwestern Ontario.
Rainy River District Gold Zones: http://www.bayfieldventures.com/i/pdf/RR-Gold-Zones.pdf
In other news, the Company announces that pursuant to its stock option plan, the Company has granted incentive stock options to its various directors, officers, employees and consultants to purchase up to an aggregate of 742,000 common shares in the capital stock of the Company, exercisable for a period of two years, at a price of $0.35 per share. The Company's 10% rolling stock option plan was approved by the shareholders at the Annual General Meeting of the Company held on March 28, 2012. These options are subject to a four-month hold period.
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold and silver in the Rainy River District of north-western Ontario. The Company is carrying out a 100,000 metre diamond drill program with drilling concentrated on its flagship Burns Block Project.
For further information on Bayfield Ventures Corp. (TSX VENTURE:BYV), visit the Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, Chairman and CEO
This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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