Bayridge Resources closes $567,500 private placement for mineral projects

Bayridge Resources Corp. (CSE: BYRG) (OTCQB: BYRRF) (FSE: O0K0) announced the completion of a non-brokered private placement that raised gross proceeds of $567,500.

The financing consisted of two components. The company issued 1,830,000 flow-through units at $0.25 each, with each unit containing one flow-through common share and half of a warrant exercisable at $0.40 for 24 months. Additionally, Bayridge issued 550,000 non-flow-through units at $0.20 each, with each unit consisting of one common share and half of a warrant exercisable at $0.35 for 24 months.

The Vancouver-based company plans to use the proceeds to advance its mineral projects and for general working capital and corporate purposes, including investor relations. Proceeds from the flow-through units will be allocated to Canadian exploration expenses as defined under Canada's Income Tax Act.

In connection with the private placement, Bayridge paid $35,000 in cash finder's fees and issued 143,500 finder's warrants to third parties who assisted in introducing subscribers to the financing.

The securities issued are subject to a statutory hold period of four months and one day.

Bayridge Resources describes itself as a green energy company with Canadian uranium projects. The company holds a 51% interest in the Baker Lake Uranium Project, which covers 619 square kilometers across 83 contiguous claims in Nunavut's Kivalliq Region. The company also owns a 40% interest in the 1,337-hectare Waterbury East project, located 25 kilometers northeast of the Cigar Lake Mine in the Athabasca Basin region.

You May Also Be Interested In

• Citigroup set to join top banks in Anthropic IPO - Bloomberg
• ICE raises $3.71 billion in senior notes to fund MarketAxess deal
• Roots Corporation to go private in C$4.10-per-share deal with Marquee Brands