VANCOUVER, BRITISH COLUMBIA, Dec. 11, 2009 (Marketwire) -- Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") announces a non-brokered private placement of up to 1,500,000 flow-through units at a price of $0.10 per unit.
Each flow-through unit consists of one flow-through common share and one non-transferable share purchase warrant. Each share purchase warrant entitles the holder to purchase non flow-through common share of the Company at a purchase price of $0.125 per warrant share for a period of twelve months from the date of closing of the private placement and thereafter at a price of $0.15 for a further twelve months from the date of closing of the private placement.
The Company may pay up to a 7% non flow-through unit finder's fee in connection with part of this private placement offering.
The Company intends to utilize the proceeds from the private placement on a winter drill program on the Company's Burn's Block property located in the Richardson Township, Rainy River District, Ontario.
Rainy River Ontario properties location map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
The private placement is subject to the acceptance of the TSX Venture Exchange.
Bayfield Ventures Corp. is actively involved in the exploration for gold in 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
James G. Pettit, Chairman
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.