SOURCE: Bayswater Uranium Corporation

June 11, 2008 07:15 ET

Bayswater Files Form 20-F for United States Registration & Grants Incentive Options

VANCOUVER, BC--(Marketwire - June 11, 2008) - Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) ("the Company") is pleased to report that it has filed a registration statement on Form 20-F with the Securities and Exchange Commission ("SEC") to register its common shares as a class of securities under Section 12(g) of the U.S. Securities Exchange Act of 1934 ("Exchange Act"). The Company undertook this step due to its large shareholder base in the United States and to provide greater access to its equity market for its shareholders and investors in the United States. The registration statement is subject to SEC review and may be required to be amended before it becomes effective under the Exchange Act. As of the effective date, the Company becomes a reporting company in the United States and thereafter will file reports and submit other information as required by the SEC, which will permit development of a secondary trading market for its shares in the United States.

The Company also advises that it is re-pricing most of its incentive stock options to certain directors, officers, employees and consultants in order to retain and provide proper incentive for the Company's key staff in the current market downturn which has occurred at a time when the industry is still very competitive for qualified personnel. The Company is therefore cancelling 13,257,240 incentive stock options and granting new stock options to certain directors, officers, employees and consultants entitling them to purchase up to 14,209,240 common shares of the capital stock in the Company at a price of $0.45 per share for a period of five years, subject to regulatory approval. Option grants to directors and officers are also subject to shareholder approval at the Company's next annual general meeting. Pursuant to this grant of options, every individual will have the same or a greater number of options granted as they held previously. All options are subject to a one year vesting period pursuant to Company policy.

About Bayswater Uranium Corporation - The Super Junior™ 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™ 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 and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • For further information contact:

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