|By Marketwired .||
|April 3, 2014 10:43 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/03/14 -- Bayhorse Silver Inc. ("Bayhorse" or the "Company") (TSX VENTURE: BHS), reports that, consistent with its continuing programs to create additional shareholder value, it has formalized two consulting agreements with specialists who are active in the medical marijuana industry to advise the Company with respect to the multiple business and investment opportunities that are emerging in this newly legalized and regulated industry in the U.S. and Canada.
The first agreement is with Mr. Eben von Ranson of Spokane, WA. Mr. von Ranson is a master grower, an experienced consultant and the sole owner of Blueroots Cannabis LLC. Mr. von Ranson has been a grower of medical marijuana since 2004 and has designed, engineered and constructed four medical marijuana growing operations in the state of Montana and two in the state of Washington. Blueroots Cannabis LLC is preparing to operate a 16,000 sq. ft. facility in Spokane, WA and has made a "Growers Application" to the State of Washington to construct a marijuana growing operation in this facility. Our consulting agreement with Mr. von Ranson speaks to his understanding of all facets of this new, diverse and emerging industry.
The second agreement is with Canna-Hydro LLC, based in Las Vegas, NV. Canna-Hydro LLC provides business consulting services in the states of Colorado and Washington related to: 1) legal and licensed medical marijuana operators; 2) licensed growers of recreational marijuana which have passed the legalization process; 3) licensed retail recreational dispensaries in states that have passed the legalization process: 4) creating a highly efficient, environmentally superior, urban-based facility to grow high quality cannabis using proprietary technology referred to as the Vertically Integrated Continuous Cultivations System ("VICCS"); Canna-Hydro is a business services and component manufacturing firm.
The consultants will work closely with the Company to define and quantify potential opportunities and investments in the marijuana industry, and to determine the financial needs and viability of the businesses. The consultants will also review the opportunities for business relationships with other companies that are seeking, or have made, "Growers Applications" in the State of Washington.
The terms of the consultancy agreements are for US$5,000 per month per consultant for six months, and the granting of 100,000 incentive stock options each.
The Company cautions that it has not yet entered into any agreements in respect of business opportunities in the legalized medical and recreational marijuana industry in the United States, or in Canada, where the national legalization of medical marijuana by the Canadian government has created a substantial business opportunity for cannabis production and sale, nor is there any assurance that the Company will acquire interests or enter into agreements in respect of this new industry.
In the event the Company does identify and consider business opportunities or relationships in the medical marijuana field, any potential business transaction(s) that comes from the opportunities will be subject to the policies of, and approval of, the TSX Venture Exchange (TSX-V).
Bayhorse Silver has already provided its shareholders with shares in two new companies that have been spun off to its shareholders recently through Plans of Arrangement. Archean Star Resources, which was spun off through Plans of Arrangement to Bayhorse shareholders in January of 2011, and Silcom Systems Inc, which was spun off to Bayhorse shareholders in January 2014. Bayhorse received approximately 10 million shares of Archean Star in that transaction, that it recently sold for approximately $750,000.
Bayhorse Silver Inc is a tier 2 mining company listed on the TSX Venture Exchange, and its principal business is mineral exploration and development through its principal properties, being the Alexander River gold project in New Zealand and its recently acquired Bayhorse Silver Mine project in east-central Oregon. The Company also has a 100% interest in two other New Zealand gold projects, Red Queen and Paparoa, where it is actively pursuing exploration. The Company also holds a 30% net profit interest in the Flagstaff Barite Mine, and anticipates this NPI will produce revenue as early as late 2014.
The Company announces the issuance of 400,000 incentive stock options to consultants of the Company exercisable at a price of $0.20 cents for five years.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.
Bayhorse Silver Inc.