Bayfield Ventures Closes $5.5 Million Brokered Private Placement
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Suite 2230 - 885 West Georgia Street, Vancouver, BC, V6C 3E8, CANADA
www.bayfieldventures.com
TSX-V Trading Symbol: BYV Telephone: (604)
Email:info(at)bayfieldventures.com 687-3376
Facsimile: (604)
687-3119
NEWS RELEASE
April 7, 2011
Bayfield Ventures Closes $5.5 Million Brokered Private Placement
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company")
is pleased to announce that, further to its news releases of March 9, 2011 and
March 25, 2011, it has closed its flow-through (the "FT Offering") and non flow-
through (the "NFT Offering") private placement financings led by Octagon Capital
Corporation ("Octagon"), on an agency basis, for aggregate proceeds of
$5,512,390.
The Company issued a total of 5,099,322 flow-through shares (the "FT Shares") at
a price of $0.90 per FT Share.
Bayfield Ventures also issued a total of 1,153,750 units (the "Unit") at a price
of $0.80 per Unit. Each Unit consists of one common share (the "NFT Share") and
one-half of one common share purchase warrant (the "Warrant"). Each whole
Warrant is exercisable by the holder to acquire one common share of the Company
at an exercise price of $1.20 per common share until April 7, 2014.
The Company paid a commission fee of 7% in cash of the aggregate gross proceeds
of the FT and NFT Offering and issued 646,696 agent's warrants. Each agent's
warrant entitles the holder to acquire one additional common share at an
exercise price of $0.80 per common share until April 7, 2014.
The proceeds of the FT Offering will be used to incur Canadian Exploration
Expenditures on the continuing exploration of the Company's Rainy River gold
projects in NW Ontario prior to December 31, 2012 and the proceeds of the Unit
Offering will be used to fund its ongoing Rainy River gold projects and for
general working capital.
Rainy River gold properties claims map:
http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
The FT Shares, the NFT Shares, any shares acquired on exercise of the Warrants
forming part of the Units and any shares acquired on exercise of the agent's
warrants will be subject to a four month restriction on re-sale expiring August
8, 2011.
Subsequent to the closing, Bayfield Ventures has approximately 62 million shares
outstanding and over $11 million in its treasury.
About Bayfield Ventures Corp.
Bayfield Ventures Corp. is exploring for gold in the Rainy River District of
north-western Ontario.
++
++
On February 15(th), Bayfield Ventures was recognized as a TSX Venture 50®
company in 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under
license. The TSX Venture 50® are the top 10 companies listed on the TSX Venture
Exchange, in each of five major industry sectors - mining, oil & gas, technology
& life sciences, diversified industries and clean technology - based on a
ranking formula with equal weighting given to return on investment, market cap
growth, trading volume and analyst coverage. All data was as of December
31, 2010.
For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the
Company's web site at www.bayfieldventures.com.
For drilling updates, follow Bayfield on Facebook:
http://www.facebook.com/group.php?gid=56518514278&ref=mf#!/group.php?gid=5651851
4278&v=wall
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
_______________________________
James G. Pettit
Chairman and CEO
For further information contact myself or:
Don Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email:info(at)bayfieldventures.com
Other Contact:
Envoy Strategic Partners Investor Relations
Jay Bedard
Telephone: 416-977-7778
Email:jay(at)envoystrategicpartners.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.
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.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Bayfield Ventures Corp. via Thomson Reuters ONE
[HUG#1504608]
Unternehmensinformation / Kurzprofil:
Datum: 07.04.2011 - 20:56 Uhr
Sprache: Deutsch
News-ID 53296
Anzahl Zeichen: 5942
contact information:
Town:
Vancouver
Kategorie:
Business News
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