VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Bayfield Ventures Corp. (News - Market indicators) (FRANKFURT:B4N) (the "Company") announces that further to its news release of March 9, 2011, it has amended the terms of its private placement offering. Octagon Capital Corporation ("Octagon") is acting as sole agent.
The Company will raise a total of $4,000,500 by the issuance of up to 4,445,000 flow-through shares (the "FT Shares") at a price of $0.90 per share plus an over-allotment option.
The proceeds of the Flow-Through Offering will be used to incur Canadian Exploration Expenditures on the continued exploration of the Company's Rainy River gold project in NW Ontario prior to December 31, 2012.
Rainy River gold properties claims map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
Concurrent with the Flow-Through share offering, Bayfield will raise a total of $1,000,000 by the issuance of up to 1,250,000 common share units (the "Unit") at a price of $0.80 per Unit plus an over-allotment option. Each Unit will consist of one common 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 for a period of 36 months from the closing of the Unit Offering at an exercise price of $1.20 per common share.
The proceeds of the Unit Offering will be used to fund Bayfield's ongoing Rainy River mineral project located in Ontario and for general working capital.
Bayfield's Rainy River Burns Block drilling map: http://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg
The completion of the private placement is subject to approval by the TSX Venture Exchange and other regulatory agencies. Closing is anticipated on or about April 7, 2011.
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold in the Rainy River District of north-western Ontario.
On February 15th, 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.
The Company has approximately 54 million shares outstanding and over $6 million currently in treasury.
For further information on Bayfield Ventures Corp. (News - Market indicators), 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=56518514278&v=wall
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.