Bayfield Ventures Arranges $2,500,000 Financing
Bayfield Ventures Corp. (TSX VENTURE:BYV.V - News) (OTCBB:BYVVF.PK - News) (the
"Company") announces it has arranged a non-brokered private placement
to raise up to $2,500,000 by the issuance of up to 5,208,333 flow-through units
(the "FT Units") at a price of $0.48 per FT Unit. Each FT Unit will
consist of one flow-through common share and one non-transferable non
flow-through warrant (the "NFT Warrant"). Each NFT Warrant will
entitle the holder to purchase one non flow-through common share at a price of
$0.55 for a period of eighteen months from the closing date of the private
placement.
A finder's fee of up to 7% cash and 7% 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 $0.55 per share for a
period of eighteen months 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 north-western Ontario.
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold and silver in the Rainy
River District of north-western Ontario. The Company has completed approx. 270
holes in its ongoing 100,000 metre drill program with drilling concentrated on
the flagship Burns Block Project. The Company has 64.2 million shares
outstanding.
For further information on Bayfield Ventures Corp. (TSX VENTURE:BYV.V - News), visit the
Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, Chairman and CEO