Bayswater Uranium Announces Closing of Merger With Northern Canadian Uranium
Vancouver, BC, December 24, 2007 ─ Bayswater Uranium Corporation (TSX-V: BAY) (OTC: BYSWF) ("Bayswater") is pleased to announce that shareholders of Northern Canadian Uranium Inc. (TSX-V: NCA) ("Northern Canadian") have unanimously approved the plan of arrangement to merge with Bayswater. Subsequently, a Final Order from the Supreme Court of British Columbia approving the plan of arrangement has been obtained along with final approval from the TSX Venture Exchange and closing of the transaction has occurred. Pursuant to the transaction, Bayswater has acquired all of the issued and outstanding shares of Northern Canadian, which is now a wholly owned subsidiary of Bayswater---renamed NCU Holdings Inc.
George Leary, President of Bayswater stated, "The merger of Northern Canadian with Bayswater was a natural and strategic step forward for Bayswater. The addition of Northern Canadian's uranium property assets located in western United States, Athabasca Basin, Saskatchewan and in Mali and Niger, West Afric a provide considerable synergism and project enhancement to Bayswater's uranium portfolio. In particular, the combination enable s the company with additional and enhanced resource properties and with improved economics on it's proposed exploration, development and mining operations in United States. Importantly, the merger also significantly expands our management team with the appointment of Praveen Varshney to the board of Bayswater and the appointment of Keith Laskowski as VP Exploration---USA. The combination of Bayswater and Northern Canadian provides the portfolio size, depth of management and financial resources to optimize existing projects and accelerate the company's growth."
Under the terms of the Arrangement, Northern Canadian shareholders will receive 0.65 common shares of Bayswater for every one share of Northern Canadian. Additionally, Bayswater will issue Bayswater warrants and options to former holders of Northern Canadian warrants and options having terms adjusted in accordance with the conversion ratio applicable to the common shares of Northern Canadian.
Detailed information about the Arrangement can be found in the Arrangement Agreement dated November 6, 2007, a copy of which can be accessed on SEDAR at www.sedar.com under Bayswater's company profile.
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 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. Bayswater is listed on the TSX Venture Exchange under the symbol “BAY”.On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
| George M. Leary |
| President and CEO |
For further information contact:
| John Gomez Manager, Investor Relations |
| Telephone: (604) 687-2153 |
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
