The TSX Venture Exchange has accepted for filing the documentation of Uragold Bay Resources Inc. relating to an agreement with Fancamp Exploration Ltd. for the acquisition of 32 claims located in Saint-Simon-Les-Mines in Quebec.

The consideration payable by the company includes eight million common shares, eight million warrants, a cash payment of $25,000 within six months of the definitive agreement, to finance $400,000 exploration over four years and the grant of a 3.5-per-cent gross metal royalty on gold production. Once gold mining operations have begun on the claims purchased, the company will make a one-off cash payment of $500,000 to Fancamp. Each warrant will allow purchasing one common share at an exercise price of 20 cents during 24 months following the grant, 30 cents from the 25th month to the 48th month and 40 cents from the 49th month to 60th month.

For further information, please refer to the company's press releases dated Sept. 17, 2014, Oct. 22, 2014, and Jan. 22, 2015.