Uranium Bay private placement

    (TSX-V Symbol: UBR)

    MONTREAL, Feb. 25 /CNW Telbec/ - Further to its February 19, 2008 press
release, Uranium Bay is pleased to announce that it is proceeding with the
closing of its non brokered private placement for a maximum amount of
$748,000. The private placement comprise of 6,800,000 units priced at
$0.11 per unit. As of today, the Corporation has received subscription
agreement for a total consideration of $ 675,400. Each unit consists of one
common share and one half of one warrant. Each full warrant will entitle the
holder to purchase one common share at $0.20 during the 12-month period that
will follow the date of the closing. The common shares and warrants comprising
the units are subject to a hold period of 4 months following the date of the
    In connection with the placement, different intermediaries and agents
will receive a maximum finder's fee of $59,840. Funds from the private
placement will be used to finance exploration projects of the Corporation and
general corporate purposes.
    Mr. Bernard Tourillon, UBR's President and CEO comments: (...) Uranium
Bay already has over 100% of the minimum amount committed (...) the successful
closing of this financing will give the Corporation a working capital around
CAD $1.8 million (...) These funds will enable the Corporation to plan its
2008 exploration program on its Uskawanis Uranium property (...)

    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 67,048,642 shares outstanding, (73,188,642 when the private
placement closes). The Company holds 100% of several U3O8 mineral exploration
properties including the 314 km(2) Uskawanis Uranium property located just
south of the Opinaca reservoir, the 90 km(2) Kauschiskach Uranium property
located just 100 km NE of Radisson in the Quebec James Bay area of northern
Quebec, and the five properties totalling 197 claims covering the Lac Georges
(100 claims), Lac Forget (24 claims), Ruisseau Lebrun (38 claims), Maurice
(19 claims) and Bloc extension 06 (16 claims) properties located in the
Wakeham area, in eastern Quebec. In addition, the Corporation subsidiary,
Eragon Resources Inc., is the owner of the Namibian concessions known as Gunib
and Grootfontein as well as all other non-uranium properties held by the
Corporation in Quebec.

    The TSX Venture Exchange (TSX-V) does not accept responsibility for the
adequacy or accuracy of this release. This news release contains
forward-looking statements reflecting Uranium Bay objectives, estimates,
expectations and the impact of acquisitions on Uranium Bay's financial
performance. These statements are identified by the use of verbs such as
"believe", "anticipate", "estimate", and "expect" as well as by the use of
future or conditional tenses. By their very nature, these types of statements
involve risks and uncertainty. Consequently, reality may differ materially
from Uranium Bay's projections or expectations.
    %SEDAR: 00011185E

For further information:

For further information: Bernard J. Tourillon, President and CEO; Guy
Girard, VP and CFO, (514) 846-3271, Toll-free 1-888-666-3431

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890