Bayridge Resources closes first tranche of two private placements

Bayridge Resources Corp. (CSE: BYRG) (OTCQB: BYRRF) has closed the first tranche of a non-brokered private placement, issuing 1,200,000 units at $0.20 per unit for gross proceeds of $240,000, according to a company statement.

Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.30 per share for 24 months from issuance. Proceeds are intended for general working capital, including exploration work on the company's Baker Lake Uranium Project and Waterbury East Project, and evaluation of additional mineral property opportunities.

Concurrently, Bayridge closed the first tranche of a flow-through private placement, issuing 2,076,667 flow-through units at $0.225 per unit for gross proceeds of $467,250. Each flow-through unit includes one common share issued on a flow-through basis under Canada's Income Tax Act and one-half of one common share purchase warrant, also exercisable at $0.30 per share for 24 months. Proceeds from this offering are designated for Canadian exploration expenses.

In connection with both offerings, Bayridge paid $37,677.50 in cash finder's fees and issued 174,415 finder's warrants. All securities issued are subject to a four-month-and-one-day statutory hold period under Canadian securities laws and Canadian Securities Exchange policies. Both offerings remain subject to CSE approval.

The company also announced a leadership change, with Gurleen Kaur departing as Chief Financial Officer and Corporate Secretary. Gurcharn Deol has been appointed interim Chief Financial Officer and Corporate Secretary.

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