Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company") announces it has arranged a non-brokered private placement to raise up to $2,502,500 by the issuance of up to 7,150,000 flow-through units (the "FT Units") at a price of $0.35 per FT Unit. Each FT Unit will consist of one flow-through common share and one-half (1/2) of one non-transferable non flow-through warrant (the "NFT Warrant"). Each whole NFT Warrant will entitle the holder to purchase one non flow-through common share at a price of $0.50 for a period of eighteen months from the closing date of the private placement.
The Company will also raise an additional $1,500,000 by carrying out a non-brokered private placement of up to 6,000,000 non flow-through units (the "NFT Units") at a price of $0.25 per NFT Unit. Each NFT Unit will consist of one non flow-through common share and one non-transferable non-flow-through share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase an additional non-flow-through common share of the Company at a price of $0.35 for a period of three years from the closing date of the private placement.
A finder's fee of up to 5% cash and 5% non-transferable non flow-through warrants (the "Finder's Warrants") will be paid in connection with the private placement offering. Each Finder's Warrant will entitle the Finder to purchase a non-flow-through common share at a price of $0.35 per share for a period of three years from the closing date of the private placement.
Bayfield Ventures intends to utilize the proceeds from these private placements for a continuing drill program on its 100% owned Rainy River gold properties located in northwestern Ontario and for general working capital purposes. The Company's drill program on its Rainy River Burns property will resume after spring break-up.
Bayfield Ventures Corp. is exploring for gold in the Rainy River and Red Lake districts of northwestern Ontario.
For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
Donald C. Huston
President
For further information contact myself or:
Donald G. Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@bayfieldventures.com
You can view the Next News Releases item: Fri May 7, 2010, $4 Million Financing Closes for Rainy River Drill Program
You can view the Previous News Releases item: Fri Mar 5, 2010, Rainy River Drill Program Continues on "Burns" Block, NW Ontario
You can return to the main News Releases page, or press the Back button on your browser.
