Bayswater Amends Option Agreement With Longview
Monday April 14, 5:39 pm ET
ca.us.biz.yahoo.com
VANCOUVER, BC--(MARKET WIRE)--Apr 14, 2008 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) (Other OTC:BYSWF.PK - News) advises that it has entered into a letter agreement dated March 28, 2008 with Longview Capital Partners Incorporated (Toronto:LV.TO - News) to amend the option agreement dated November 17, 2005 (as originally announced on November 28, 2005) whereby Bayswater has the option to acquire a 100% interest in 13 claim blocks in the Central Mineral Belt of Labrador. Pursuant to the option agreement, Bayswater had two years to earn its 100% interest in each of the 13 claims blocks by making staged payments to Longview of $120,000 per each of the 10 larger claim blocks, payable in cash or 1/2 in cash and 1/2 in common shares of Bayswater at the option of Bayswater. The final payment of $50,000 per each of the 10 larger claim blocks was due on March 28, 2008. Pursuant to the amending letter agreement, Bayswater has agreed to issue to Longview 1,250,000 common shares of Bayswater at a deemed price of $0.40 per share in full satisfaction of the final payment. Upon issuance of the shares, Bayswater will have fully exercised its option and acquired a 100% interest in the claim blocks. The amending letter agreement is subject to the approval of the TSX Venture Exchange.
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About Bayswater Uranium Corporation -- The Super Junior(TM) Uranium Company
Bayswater Uranium Corporation is a rapidly-growing international uranium exploration and development company. As the only uranium company to have major landholdings in each of Canada's most important producing and exploration regions -- the Athabasca Basin, the Central Mineral Belt, and the Thelon Basin -- Bayswater is a leader in uranium exploration in Canada, the world's largest producer of uranium. The Company also owns several advanced uranium properties in the United States that are being fast tracked to feasibility and production. Bayswater combines a balanced portfolio of exploration and development projects with the uranium expertise of its technical and managerial teams. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. To capitalize on the strong growth of the nuclear industry and to continue to add shareholder value, Bayswater plans to focus on the development of its resource properties and to evaluate early stage projects for further discoveries. Other acquisition opportunities will continue to be assessed all with a corporate vision of building a major international uranium company. Bayswater is listed on the TSX Venture Exchange under the symbol "BAY." The Company's website is www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
Source: Bayswater Uranium Corporation |
