Bayridge Resources plans private placement to raise up to $830,000

Bayridge Resources Corp. (CSE: BYRG) (OTCQB: BYRRF) (FSE: O0K0) announced plans to complete a non-brokered private placement to raise gross proceeds of up to $830,000, according to a company statement.

The private placement consists of two components. The company intends to sell up to 2 million flow-through units at $0.25 each, with each unit including one flow-through common share and half of one warrant exercisable at $0.40 for 24 months. Additionally, Bayridge plans to offer up to 1.65 million non-flow-through units at $0.20 per unit, each containing one common share and half of one warrant exercisable at $0.35 for 24 months.

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

The offering remains subject to customary closing conditions. Securities issued will be subject to a four-month and one-day statutory hold period. The company may pay finder's fees of 7% cash plus 7% in securities to qualifying participants under Canadian Securities Exchange rules.

Bayridge operates as a uranium exploration company with projects in Canada. The company holds a 51% interest in the Baker Lake Uranium Project covering 619 square kilometers in Nunavut's Kivalliq Region, and a 40% interest in the 1,337-hectare Waterbury East project located 25 kilometers northeast of the Cigar Lake Mine in the Athabasca Basin.

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