VANCOUVER, BRITISH COLUMBIA, Feb. 10, 2010 (Marketwire) -- Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") announces a non-brokered private placement of $300,000.00 through the sale of 1,000,000 flow-through units ("FT Units") at $0.30 each to the MineralFields Group.
Each FT Unit consists of one flow-through common share (the "FT Share") and one non-transferable share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one non flow-through common share (the "Warrant Share") of the Company at a purchase price of $0.35 for a period of twenty-four months from the date of closing of the private placement.
"We are pleased to be entering into this relationship with MineralFields Group", said Donald C. Huston, President and CEO. "This is an important milestone in the growth of Bayfield Ventures Corp. and we look forward to working with MineralFields Group as we develop our holdings in the Rainy River District of Ontario."
The Company will pay a 7.5% cash finder's fee to Limited Market Dealer Inc. for this financing.
Bayfield intends to utilize the proceeds of the private placement on a winter/spring drill program on the Company's "Burns" Block property located in the Richardson Township, Rainy River District, northwestern Ontario.
Rainy River property claims map:
This transaction is subject to the acceptance of the TSX Venture Exchange.
About MineralFields, Pathway and First Canadian Securities (R)
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (R) (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R).
About Bayfield Ventures Corp.
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 VENTURE:BYV), visit the Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Donald C. Huston, President
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