Monday, October 18, 2010 News Release
Bayfield Ventures Closes $5,000,000 Financing
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Vancouver, BC -- Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company") is pleased to announce that it has closed its non-brokered private placement of $5,000,000 through the sale of 3,571,428 flow-through common shares (the "FT Shares") at a price of $1.40 per FT Share. The financing closed on October 14, 2010 (the "Closing Date").
The Company paid a cash commission of $250,000 on this transaction and issued 178,572 non-transferable finder's warrants to KBH Capital Corp. of Vancouver, BC, as a finder's fee in connection with this private placement. Each finder's warrant entitles the holder to purchase one common share of the company at a price or $1.16 and are exercisable for a period of two years from the Closing Date.
No "control persons" (as defined in Policy 4.1 of the TSX Venture Exchange) or new insiders have been 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 proceeds of the private placement will be used to fund the Company's exploration and development of its Rainy River gold project in north-western Ontario.
The Company is also pleased to announce that since September 1, 2010, it has raised approximately $2,000,000 through the exercise of non flow-through share purchase warrants. Bayfield Ventures currently has over $8,000,000 cash on hand and is well funded to continue its 50,000 metre drill program on its Rainy River properties located in north-western Ontario.
Following the closing of the private placement, the Company will have approximately 50,490,377 common shares outstanding.
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-V: BYV), visit the Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
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JAMES G. PETTIT
CEO
AI
