Bayswater Uranium Corp fka BAY

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Bayswater Closes $25 Million Brokered Private Placement

Thursday March 8, 1:29 pm ET

VANCOUVER, BC--(MARKET WIRE)--Mar 8, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) (the "Company") is pleased to announce that it has closed the brokered private placement previously announced on January 23, 2007 issuing 4,336,800 units of the Company (the "Units") at a price of $1.45 per Unit and 11,375,000 flow-though units (the "FT Units") at a price of $1.65 per FT Unit, raising aggregate gross proceeds of $25,057,110 (the "Offering").

Each Unit comprises one common share and one half of one transferable common share purchase warrant (each whole such purchase warrant, a "Warrant"). Each FT Unit comprises one flow-through common share and one half of one transferable Warrant. Each Warrant is exercisable into one additional common share at an exercise price of $1.85 per common share until September 8, 2008.

The Offering was brokered by Pacific International Securities Inc. (the "Agent"). The Agent has received a commission of 7.0% of the gross proceeds of the Offering paid in a combination of cash and Units. The Agent and its selling group have also received 1,571,180 compensation options (the "Compensation Options"). Each Compensation Option entitles the holder to acquire one additional common share at an exercise price of $1.70 per common share until September 8, 2008.

All of the securities issued under the private placement are subject to a four-month hold period expiring on July 9, 2007.

The gross proceeds raised from the issuance of the FT Units will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2007 taxation year. Net proceeds of the Offering will be used to fund exploration on the Company's Canadian uranium projects including the Central Mineral Belt-Labrador, Athabasca Basin-Saskatchewan, Thelon Basin-Northwest Territories and Nunavut and the Hermitage Belt-Southern Newfoundland; and for a uranium exploration project in Niger, West Africa once the concessions are granted to the Company and for general working capital purposes.

About Bayswater Uranium Corporation -- The Super Junior Uranium Company(TM)

As the only uranium explorer to have major landholdings in each of Canada's most important producing and exploration regions -- the Athabasca Basin, the Central Mineral Belt, and the Thelon Basin -- Bayswater Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior Uranium Company(TM) with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit http://www.bayswateruranium.com.


On behalf of the Board of:
BAYSWATER URANIUM CORPORATION

George M. Leary
President
Warning: The Company relies upon litigation protection for "forward-looking" statements.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Distributed by Filing Services Canada and retransmitted by Market Wire

Contact:
For further information contact:

John Gomez
Manager, Investor Relations
Telephone: [phone]

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Source: Bayswater Uranium Corporation