MONTREAL, QUEBEC, Jul 06 (MARKET WIRE) --
URANIUM BAY RESOURCES INC. (TSX VENTURE: UBR) is pleased to announce that
it is proceeding with a Hard Cash brokered private placement for a
minimum amount of $ 180,000 and a maximum of $ 400,500. The placement is
syndicated and D&D Securities Company is acting as the Agent for the
brokered private placement. As of today, the Corporation has received
enough commitment and interest from brokers and other parties to meet the
minimum goals of the placement.
While the Corporation will eventually receive additional funds through
the exploration credits program of the Quebec Government, the funds
raised in this private placement will enable the Corporation to seek
immediate submission from Contractors in regards to; 1) the
re-interpretation of the original magnetic data obtained in 2007,
specifically looking to see whether detection of deeper structure on the
Uskawanis Uranium Property is possible; 2) the obtaining of submissions
from contractors regarding the flying of airborne gravity surveys over
the Uskawanis Uranium Property and the Blue Lake Base Metal and Gold
Property, to allow interpretation of deeper structure in order to have a
comprehensive understanding of the granite and any possible
meta-sedimentary packages within or below the granite; 3) in addition UBR
wishes to fly an airborne EM survey over the Blue Lake Property. Both the
Uskawanis and the Blue Lake properties are situated in the James Bay
Region of Quebec, near the town of Radisson; and 4) engage the
independent geological team that will be responsible for the completion
of the 43-101 compliant qualification report required to complete the Ice
Age Gold Properties acquisitions.
The private placement will comprise of a minimum 6,000,000 units priced
at $0.03 per unit and 13,350,000 units if the maximum amount is raised.
Each unit (the Unit) consists of one common share and one half of one
common share purchase warrant (the warrant). Each full warrant will
entitle the holder to purchase one common share at a price of $0.07
during the first 12-month period following the closing of the placement
and at a price of $0.10 for the second 12-month period that will follow
the date of the closing of the placement. The common shares and warrants
comprising the units are subject to a hold period of 4 months following
the date of the closing of the placement.
In connection with the placement, D&D Securities Company, acting as the
Agent, will receive a commission equal to 10% of the proceeds of the
placement, furthermore, the Agent has agreed to pay 6% of his 10%
commission to brokers participating in the syndication of the placement.
A maximum amount of $99,900 has been reserved for insiders and directors
of the Corporation for which the Agent will receive 5% commission instead
of the 10%.
Finally, Agent options will be granted to the Agent which will allow the
Agent to purchase the number of Units that is equal to 10% of the number
of Units subscribed for under the placement, other than those reserved
for insiders and directors, exercisable at $0.05 per Unit with the
warrants attached being exercisable at $0.07 for the first twelve (12)
months and $0.10 for the second twelve (12) months from the closing date
of the placement.
About Uranium Bay Resources Inc.
Uranium Bay Resources Inc. is a Canadian based junior resource and
exploration company trading under the symbol UBR on the TSX Venture
Exchange. The Company has 82,374,367 shares outstanding. The Company
holds 100% of the 314 km2 Uskawanis Uranium property located just south
of the Opinaca reservoir and 100% of the Blue Lake Base Metal and Gold
property situated close to Radisson in the James Bay region.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This press
release contains certain "forward-looking statements," as identified in
the Uranium Bay periodic fillings with Canadian Securities Regulators
that involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements.
Contacts:
Uranium Bay Resources Inc.
Bernard J. Tourillon
President and CEO
514-846-3271
Toll-free 1-888-666-3431
Uranium Bay Resources Inc.
Patrick Levasseur
Director
514-846-3271
Toll-free 1-888-666-3431
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