Apr 8 2015
The Pacific Road Resources Funds are pleased to provide an update regarding PRRF's investment in Reno Creek Holdings Inc., which indirectly owns the Reno Creek uranium project.
Pursuant to, and in accordance with the terms of the investment agreement dated April 7, 2010 between Bayswater Uranium Corporation (the "Company"), its subsidiary, Bayswater Holdings Inc. ("BHI"), and PRRF, as amended (the "Investment Agreement"), PRRF was entitled to exchange its shares in RCHI for common shares of the Company within six months following the later of the completion of a feasibility study on the Reno Creek uranium project or receipt of all required permits for production, but in any event not later than within five years of closing (which occurred on April 7, 2010) provided certain conditions were met.
The conditions to such exchange were not satisfied on April 7, 2015 and, accordingly, PRRF's interest in RCHI will not be exchanged for common shares of the Company. As a result, PRRF no longer has any beneficial interest in any securities of the Company. As at April 7, 2015 result, PRRF will continue to own approximately 89.60% of RCHI, with the balance being owned by the Company, subject to further dilution depending on funding arrangements for future expenditure by RCHI's indirect wholly-owned subsidiary, AUC LLC.
PRRF has no current intention to acquire any securities of the Company.