By Laura Lutz
Washington, March 8 - Bayswater Uranium Corp. closed a private placement of units for C$25,057,110, including a fully exercised greenshoe for C$5,004,375.
The company sold 4,336,800 non flow-through units at C$1.45 each and 11.375 million flow-through units at C$1.65.
The non flow-through units consist of one share and one half-share warrant. The whole warrants are exercisable at C$1.85 each for 18 months.
The flow-through units include one share and one half-share warrant. Each warrant is also exercisable at C$1.85 for 18 months.
The deal priced on Jan. 23 as an offering of up to 3.45 million non flow-through units and up to 9.1 million flow-through units. The agent had a greenshoe for up to 862,500 more non flow-through units and 2.275 million more flow-through units.
Pacific International Securities Inc. was the agent.
Proceeds will be used for exploration on the company's uranium project, including the Central Mineral Belt in Labrador, the Athabasca Basin in Saskatchewan, the Thelon Basin in the Northwest Territories and Nunavut and the Hermitage Belt in Newfoundland. The rest will be used for exploration in Niger and for working capital.
Based in Vancouver, B.C., Bayswater is a uranium exploration company.
| Issuer: | Bayswater Uranium Corp.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$25,057,110
|
| Placement agent: | Pacific International Securities Inc.
|
| Pricing date: | Jan. 23
|
| Settlement date: | March 8
|
| Stock symbol: | TSX Venture: BAY
|
| Stock price: | C$1.54 at close Jan. 22
|
| Stock price: | C$1.82 at close March 8
|
|
|
| Flow-through units
|
| Units: | 11.375 million (includes greenshoe for 2.275 million units)
|
| Price: | C$1.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.85
|
|
|
| Non flow-through units
|
| Units: | 4,336,800 (includes greenshoe for 862,500 units)
|
| Price: | C$1.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.85
|
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