-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fib6kuKJb+jdBemcPfXlxwdwHVfIsM+ePjFWNoSswADzrmQjDO54+Co1/Usxsl7q 352yR1H/mxsV1KLxmLbzHg== 0000912282-06-000245.txt : 20060316 0000912282-06-000245.hdr.sgml : 20060316 20060315202711 ACCESSION NUMBER: 0000912282-06-000245 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060316 DATE AS OF CHANGE: 20060315 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BAY RESOURCES LTD CENTRAL INDEX KEY: 0000814904 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 980079687 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-55859 FILM NUMBER: 06689801 BUSINESS ADDRESS: STREET 1: 210 KINGS WAY STREET 2: SOUTH MELBOURNE CITY: VICTORIA AUSTRALIA 3 STATE: C3 ZIP: 00000 BUSINESS PHONE: 61392341000 MAIL ADDRESS: STREET 1: LEVEL 8 580 ST KILDA RD STREET 2: MELBOURNE CITY: VICTORIA AUSTRALIA 3 STATE: C3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: BAYNET LTD DATE OF NAME CHANGE: 20000306 FORMER COMPANY: FORMER CONFORMED NAME: BAYOU INTERNATIONAL LTD DATE OF NAME CHANGE: 20000306 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RAB SPECIAL SITUATIONS (MASTER) FUND LTD CENTRAL INDEX KEY: 0001327372 IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: P.O. BOX 908 GT STREET 2: WALKER HOUSE MAIN STREET CITY: GEORGE TOWN STATE: E9 ZIP: 0000 BUSINESS PHONE: 206-903-8850 MAIL ADDRESS: STREET 1: P.O. BOX 908 GT STREET 2: WALKER HOUSE MAIN STREET CITY: GEORGE TOWN STATE: E9 ZIP: 0000 SC 13G/A 1 sc13g-a_bayresources.htm
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

_________________

SCHEDULE 13G

INFORMATION STATEMENT PURSUANT TO RULES 13D-1 AND 13D-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)1


Bay Resources Ltd.
(Name of Issuer)

Common Shares
(Title of Class of Securities)

072533102
(CUSIP Number)

December 31, 2005
(Date of Event Which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     |_| Rule 13d-1(b)

     |X| Rule 13d-1(c)

     |_|Rule 13d-1(d)



_________________

         1 The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes.)





CUSIP No. 072533102 13G Page 2 of 5 Pages


1) Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (entities only)
RAB Special Situations (Master) Fund Limited
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)  [   ]
(b)  [   ]
3) SEC Use Only
  
4) Citizenship or Place of Organization
Cayman Islands
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With: 		(5) Sole Voting Power
3,340,000*
(6) Shared Voting Power
0
(7) Sole Dispositive Power
3,340,000*
(8) Shared Dispositive Power
0
9) Aggregate Amount Beneficially Owned by Each Reporting Person
3,340,000*

*The reporting person owns 1,670,000 shares of common stock of the issuer and warrants exercisable to acquire an additional 1,670,000 shares of common stock. Under the terms of the warrants, in no event shall such securities be converted into common shares if, after giving effect to such conversion, the holder would, in aggregate, beneficially own common shares of the issuer in excess of 9.99% of the issued and outstanding common shares, within the meaning of Rule 13d-1 of the Securities Exchange Act of 1934, as amended.
10) Check If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[   ]
11) Percent of Class Represented by Amount in Row (9)
Up to 9.99%**

**The percentages used herein are calculated based upon 16,714,630 outstanding shares reporter in the issuer’s proxy statement 10QSB filed January 6, 2006. Under the terms of the warrants, in no event shall such securities be converted into common shares if, after giving effect to such conversion, the holder would, in aggregate, beneficially own common shares of the issuer in excess of 9.99% of the issued and outstanding common shares, within the meaning of Rule 13d-1 of the Securities Exchange Act of 1934, as amended.
12) Type of Reporting Person (See Instructions)
CO




CUSIP No. 072533102 13G Page 3 of 5 Pages


Item 1 (a) Name of Issuer:
  Bay Resources Ltd.
Item 1 (b) Address of Issuer's Principal Executive Offices:
  210 Kings Way
South Melbourne, Victoria
Australia 3
Item 2 (a) Name of Person Filing:

RAB Special Situations (Master) Fund Limited
Item 2 (b) Address of Principal Business Office or, if none, Residence:
  RAB Special Situations (Master) Fund Limited
P.O. Box 908 GT
Walker House Mary Street
George Town, Cayman Islands
Item 2 (c) Citizenship:

Cayman Islands
Item 2 (d) Title of Class of Securities:

Common Shares
Item 2 (e) CUSIP Number:
  072533102
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
  (a) |_| Broker or dealer registered under Section 15 of the Act.
  (b) |_| Bank as defined in Section 3(a)(6) of the Act.
  (c) |_| Insurance company as defined in Section 3(a)(19) of the Act.
  (d) |_| Investment company registered under Section 8 of the Investment Company Act.
  (e) |_| An investment adviser in accordance with Rule 13d-1(b)(1) (ii)(E);
  (f) |_| An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
  (g) |_| A parent holding company, in accordance with Rule 13d-1(b)(ii)(G);
  (h) |_| A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;
  (i) |_| A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;
  (j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
       
  [X] If this statement is filed pursuant to Rule 13d-1(c), check this box.




CUSIP No. 072533102 13G Page 4 of 5 Pages


Item 4. Ownership.
  Provide the following information regarding the aggregate number and percentage of the class of securities identified in Item 1.
  (a) Amount beneficially owned:
    See Item 9 on the cover page
  (b) Percent of Class:
    See Item 11 on the cover page
  (c) Number of shares as to which such person has:

(i)     Sole power to vote or to direct the vote:   

(ii)    Shared power to vote or direct the vote:   

(iii)   Sole power to dispose or to direct the disposition of:   

(iv)    Sole power to dispose or to direct the disposition of:   

See Items 5-8 on cover page
Item 5. Ownership of Five Percent or Less of a Class.
  If the statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [  ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
  N/A
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
  N/A
Item 8. Identification and Classification of Members of the Group.

N/A
Item 9. Notice of Dissolution of Group.

N/A
Item 10. Certification.

N/A




CUSIP No. 072533102 13G Page 5 of 5 Pages


SIGNATURE

        After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

  March 2, 2006
                                                  
(Date)

  RAB Special Situations (Master) Fund Limited
by William Philip Richards, Director

  /s/ William Philip Richards                                  
(Signature)

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