Bayswater matches competing offer for Wyoming properties

TORONTO – TSX Venture Exchange-listed Bayswater Uranium has confirmed it will meet the terms of a superior competing offer for Strathmore Minerals' Pine-Tree Reno Creek properties in Wyoming.
The new offer includes $17,5-million in cash, $2,5-million in Bayswater shares to be paid on closing and a 5% gross production royalty on the properties.
Baywater will advance an additional non-refundable deposit of $250 000 to Strathmore by January 21.
Strathmore and Bayswater have signed an amended purchase agreement, which is subject to Bayswater concluding a financing that will meet the new terms.
Bayswater has been given until April 6 to complete the transaction, Strathmore said in its own statement.
The company had received a competing offer to Bayswater's original big from an unnamed “foreign based corporation”.
Bayswater has already completed due diligence on the acquisition and received shareholder approval for the deal.
"The competing offer provides the opportunity to acquire 100 percent ownership of the Reno Creek Property at a cash cost of  $18,5-million upon closing of the transaction, versus a cash cost of  $26-million over two years," said Bayswater George Leary in a statement.
“We intend to move forward aggressively to finance the acquisition.”