VANCOUVER, B.C. – Baroyeca Gold & Silver Inc. (the “Company”) is pleased to announces that it has closed its non-brokered private placement announced December 17, 2020 and confirmed January 8, 2021, through the sale of 9,200,000 units of its securities at a price of $0.22 per unit raising a total of $2,024,000 of working capital for the Company. Each unit consists of one common share in the capital of the Company and one non-transferable share purchase warrant, each such warrant entitling the holder to acquire one additional common share at a price of $0.30 per share for two years.

As part of the private placement, the Company paid a cash finder’s fee in the amount of $28,361.99 to Mackie

Research Capital Corporation (“Mackie”) with respect certain participants introduced by Mackie.

Each of the directors of the Company participated in the private placement as well, triggering the provisions of MI 61-101 - Protection of Minority Security Holders in Special Transactions (the “Policy”) with respect to related party transactions. The four directors purchased in total 330,595 units, or 3.6% of the offering. Consequently the transaction, as it involved these related parties, is exempted from the “Formal Valuation” and “Minority Approval” requirements of the Policy as the involvement of the related parties was for less than 25% of the market capital of the Company. The purchases by the directors did not result in a material change in their holdings of the Company’s securities.

The  proceeds  from  the  private  placement  will  be  used  for  property  acquisition  costs,  property exploration expenses and general working capital.

The securities issued pursuant to the private placement bear a legend restricting them from trading until May 15, 2021 with respect to 8,343,089 units and May 26, 2021 with respect to 856,911 units.

The private placement remains subject to acceptance for filing by the TSX Venture Exchange.


Per: “Richard Wilson
         Richard Wilson, CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.

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