VANCOUVER, BRITISH COLUMBIA, Sep. 13, 2010 (Marketwire) -- Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") is pleased to announce it has arranged a non-brokered private placement to raise up to $5,000,000 by the issuance of 3,571,428 flow-through common shares (the "FT Shares") at a price of $1.40 per FT Share.
A finder's fee equal to 5% cash commission and non-transferable warrants equal to 5% of the total shares issued by the Company with respect to this financing (the "Finder's Warrants") will be paid in connection with this private placement offering. Each Finder's Warrant will entitle the Finder to purchase a common share at a price of $1.29 for a period of two years from the closing date of the private placement.
No "control persons" (as defined in Policy 4.1 of the TSX Venture Exchange) or no new insiders will be created as a result of the private placement. All shares issued by the Company will be subject to a hold period of four months from the closing date. The private placement is subject to acceptance of a filing to be made in respect of same by the TSX Venture Exchange.
Bayfield Ventures intends to utilize the proceeds from the private placement for an expanded drill program on its 100% owned Rainy River gold properties located in north-western Ontario.
Rainy River district property claims map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
About Bayfield Ventures Corp.
Bayfield Ventures Corp. is exploring for gold in the Rainy River district of north-western 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
James G. Pettit, Chairman and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
James G. Pettit
Don Myers
Bayfield Ventures Corp.
Bayfield Ventures Corp.
Chairman and CEO
Director
604-687-3376 or Toll Free: 800-567-8181
604-687-3376 or Toll Free: 800-567-8181
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604-687-3119 (FAX)
info@bayfieldventures.com
www.bayfieldventures.com
