Vancouver's Bayswater Uranium Corp. (TSX-V:BAY) will acquire Northern Canadian Uranium Inc. (TSX-V:NCA) in an all share deal worth an estimated $20.4 million.
The merger will combine Vancouver-based Northern Canadian's portfolio of 13 uranium projects in North America and Africa with Bayswater's complementary projects in the same regions of the world.
Bayswater will exchange 0.65 Bayswater shares for each Northern Canadian Uranium share in the deal.
Northern Canadian president Praveen Varshney and Northern Canadian vice-president Keith Laskowski will join Bayswater's board. Laskowski will be appointed vice-president of exploration following completion of the merger.
Bayswater's share price range during the past week: between $0.94 and $1.09; 52-week high: $2.47; 52-week low: $0.57.