First off, good call by TheSlowLane that the deal could be with Strathmore. Reading through the press release gives the following summary points:

1) 16 million lbs of U3O8 43-101 compliant resource @ $ 32 mil USD or $ 2/lb

2) American Uranium entered joint venture deal with STM in 2007 valued @ $ 33 mil over 6 years for 60 % interest. Price per lb was about $ 100 then or about double the current spot price so the deal value was about the same

3) It looks like a share issue and consolidation is required to close the deal

4) There's a historical resource estimate of about 8 mil lbs that could be converted to a compliant resource with some work. That should be a main focus and could be done within a year's time

We'll know tomorrow morning if the market likes the deal. I wonder what value this deal may make to Bayswater shares so I put together the following crude estimate. Spot price of U3O8 is $ 48 USD/lb, 16 mil lbs U3O8, Barings value ( 10%) of approx. $ 5 /lb or $ 80 mil USD. Subtract the $ 32 mil purchase price leaves $ 48 mil USD or $ 51 mil CDN. With fully diluted share total of 171 million that equates to 30 cents per share added value. I don't know if this is the proper way to value the deal so if anyone has a more appropriate formula then please let me know.