Bayridge Resources has signed a binding share purchase agreement to acquire 51% of 1461433 B.C. (Privco), which owns 100% of the Baker Lake uranium project, an advanced exploration asset in the Kivalliq Region of Nunavut, Canada.
As consideration for the acquisition, Bayridge will issue 5,600,000 common shares priced at $0.25 each, valuing the transaction at $1.4m.
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At closing, Bayridge will enter into a joint venture (JV) agreement with Privco on standard industry terms.
The project lies within the Paleoproterozoic uranium district, which also hosts ATHA’s Angilak and Orano’s Kiggavik deposits.
The Baker Lake uranium project is located 60km south of the town of Baker Lake and comprises 83 contiguous claims covering 619km².
Modern exploration activities valued at $7m have already been completed at the site and the project demonstrates strong geological parallels to the Angilak uranium camp.
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By GlobalDataA 2008 survey identified 30 high-priority uranium targets and historical drilling returned multiple significant uranium intercepts.
Bayridge said 20 uranium prospects have been mapped along 75km of the Baker Basin unconformity, with several unexplored high-priority drill targets remaining along untested electromagnetic conductors.
Bayridge will also have the right to appoint one director to Privco’s board and Privco may likewise appoint one director to the board of Bayridge Resources.
The company will hold a first right of refusal over the remaining 49% of Privco shares it does not own after the acquisition closes.
Following completion of the transaction, the owners of Privco will hold a 43% interest in Bayridge Resources.
The transaction is contingent upon customary conditions including receipt of all required consents and approval by the Canadian Securities Exchange.
In August 2024, Bayridge secured a drilling permit for its Waterbury East uranium project in the Athabasca Basin, Saskatchewan, Canada.
