SOURCE: Bayswater Uranium Corporation

November 09, 2006 19:04 ET

Bayswater Closes $2.6 Million Non Brokered Private Placement

VANCOUVER, BC -- (MARKET WIRE) -- November 9, 2006 -- Bayswater Uranium Corporation (TSX-V: BAY) (the "Company") is pleased to announced that it has closed the non-brokered private placement previously announced on October 4, 2006 and increased on October 18, 2006, issuing 2,909,665 units (the "Units") at a price of $0.90 per Unit raising aggregate gross proceeds of $2,618,698. Proceeds of the placement will be used for development on the Company's exploration projects and for working capital.

Each Unit is comprised of one common share and one share purchase warrant (the "Warrant"). Each Warrant is exercisable into one additional common share at an exercise price of $1.20 per common share until November 1, 2008.

All of the securities issued under the private placement are subject to a four-month hold period expiring on March 2, 2007. Finder's fees of 7.5% of the proceeds placed payable in cash were paid on a portion of the placement.

About Bayswater Uranium Corporation - The Super Junior™ Uranium Company

As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior™ Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit www.bayswateruranium.com.

On behalf of the Board of:

BAYSWATER URANIUM CORPORATION

George M. Leary
President

Warning: The Company relies upon litigation protection for "forward-looking" statements.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Contact Information

  • For further information contact:

    John Gomez
    Manager
    Investor Relations
    Telephone: (604) 687-2153