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File: 2017-05-11 UEC to Acquire Reno Creek - Final.docx

Bayswater to Sell Remaining Interest in the Reno Creek Uranium Project to Uranium Energy Corp.

Vancouver, BC, May 11, 2017 {{─ ─} ─} Bayswater Uranium Corporation (TSX-V: BYU; OTC: BYSWF, the "Company"
---> or "Bayswater") reports Pacific Road Resources Funds ("PRRF") has entered into a definitive Share Purchase Agreement 
--->(the "Agreement") with Uranium Energy Corp (NYSE MKT: UEC or "UEC") to sell all of PRRF's issued and outstanding share
--->s of Reno Creek Holdings Inc. ("RCHI") and, indirectly thereby, 100% of the fully permitted Reno Creek in-situ recover
--->y ("ISR") uranium project located in the Powder River Basin, Wyoming (the "Project"). 

Bayswater presently owns a 2.73% interest in RCHI and has received notice from PRRF whereby PRRF has exercised certain
---> 'drag along' rights requiring Bayswater to sell its 2.73% interest in RCHI to UEC for pro-rated consideration identic
--->al to the consideration being issued to PRRF. 

Transaction Details

Under the terms of the Agreement, UEC will issue to Bayswater, in return for the Company's 2.73% ownership in RCHI, th
--->e following:

392,927 shares of UEC;
308,728 warrants of UEC with each warrant entitling the holder to acquire one share of  UEC at an exercise price of US
--->$2.30 per share for a period of five years from closing. The warrants will have an accelerator clause which provides t
--->hat, in the event that the closing price of UEC's common shares on its principally traded exchange is equal to or grea
--->ter than US$4.00 per share for a period of 20 consecutive trading days, UEC may accelerate the expiry date of the warr
--->ants to within 30 days by providing written notice to the holders; and
At Bayswater's election to be made in writing prior to the closing date for the transaction, a 0.01403% net profits in
--->terest royalty capped at US$70,165.50 or the payment of US$2,807. 

All securities issued to Bayswater are subject to a four month hold period pursuant to applicable securities legislati
--->on and UEC has agreed to register the UEC shares issuable with the SEC for resale in the United States. Further inform
--->ation about the transaction and the Project are available from UEC's May 9, 2017 news release. 

Subject to NRC (US Nuclear Regulatory Commission) and receipt of such other regulatory approvals as may be required to
---> complete the transaction, the sale of RCHI is expected to close on or about July 31, 2017. 

About Uranium Energy Corp

Uranium Energy Corp (NYSE MKT: UEC) is a U.S.-based uranium mining and exploration company. UEC's fully-licensed Hobso
--->n Processing Facility is central to all of its projects in South Texas, including the Palangana ISR mine, the permitte
--->d Goliad ISR project and the development-stage Burke Hollow ISR project. Additionally, UEC controls a pipeline of adva
--->nced-stage projects in Arizona, Colorado and Paraguay.  UEC's operations are managed by professionals with a recognize
--->d profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets o
--->f uranium exploration, development and mining. Further information at www.uraniumenergy.com.



About Bayswater Uranium Corporation 

Bayswater Uranium Corporation is a uranium exploration and development company. Bayswater holds a 2.73% interest in RC
--->HI. The Company also owns a 100% interest in the Brudell property located in the Athabasca Basin, Saskatchewan. Shares
---> of Bayswater are listed on the TSX Venture Exchange under the symbol "BYU". For further information see the Company's
---> profile on SEDAR (www.sedar.com).


On behalf of the Board of: 

BAYSWATER URANIUM CORPORATION 

Victor Tanaka
President
  
For further information contact:  

John Gomez
Corporate Development
Telephone: 604.687.2153

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Vent
--->ure Exchange) accepts responsibility for the adequacy or accuracy of this news release.