Bayswater to raise up to $12M and revamps Reno Creek Deal

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Wed, Dec 9, 2009
Uranium Company News
Post by Melissa Pistilli, Uranium Reporter

Bayswater Uranium Corporation (TSX-V: BAY) reported this morning that it has signed an amended deal with Strathmore Resources (TSX-V: STM) on the Reno Creek project.  BAY is working towards taking the project into production using in-situ leech technology and includes a general timeline in the release.

George Leary, BAY’s President is quoted in the release saying:

This amended deal is more favourable for Bayswater as it allows us to acquire Reno Creek over a period of time and gives us the option of purchasing the Project outright or forming a joint venture. We also believe acquiring this flagship Project in stages will be less dilutive as we develop the Project and the market better recognizes this excellent asset and our Company’s growth plans.

Also included in the release are BAY’s plans to consolidate its shares 5 to 1 and raise between $7 million and $12 million at a consolidated price of $0.45 per unit.  The units include a full warrant good for 2 years, but interestingly the warrant price jumps from $0.60 per share to $0.75 per share after 6 months.  If BAY is able to get the share price over the $0.60 mark in those six months, this should incent warrant holders to exercise, raising more capital for BAY without a new financing.

For complete details of this press release, click this link.

To view  Bayswater’s company profile, click here.

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