Pacific Bay Minerals Announces Issuance of Shares in Satisfaction of Debt
NATDOCS\70120027\V-2
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,
DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES.
Pacific Bay Minerals Announces Issuance of Shares in Satisfaction of Debt
For Immediate Release. Vancouver, British Columbia, May 2 5, 2023. Pacific Bay Minerals Ltd. (TSX
Venture: PBM, “ Pacific Bay ” or, the “ Company”) is pleased to announce that, further to its press
release dated March 28, 2023, it has issued 4,000,000 common shares of the Company (“Shares”) at a
deemed price of $0.05 per Share to settle $200,000 of previously outstanding indebtedness owed to
the estate of former Pacific Bay director Gui lford Brett (the “Estate”). The Shares are subject to a hold
period expiring four months and one day after the date of issuance.
As a further update to the March 28, 2023 press release, the Company understands that the Estate and
Mr. David Brett, Chairman of the Company (collectively, the “ Creditors”), have identified a purchaser
for approximately $60,000 of the remaining Company debt owing to the Creditors. Pacific Bay
anticipates making further announcements regarding the transfer of the debt and the rel ated debt
forgiveness by the Creditors in due course.
The debt reorganization transactions are designed to improve the financial condition of the Company.
The Company has insufficient cash on hand, and no immediate source of cash that would be sufficient
to satisfy the debts described above. No new “Control Person” (as defined under the applicable policies
of the TSX Venture Exchange) will be created pursuant to the foregoing transactions. The board of
directors of the Company considers the terms of the tr ansactions to be fair and reasonable to the
Company having regard to its current circumstances.
About Pacific Bay Minerals Limited
Pacific Bay Minerals is a Canadian mineral exploration company engaged in the acquisition,
exploration, and development of m ining projects. Pacific Bay Minerals is focused on advancing its
flagship project, Atlin Goldfields, located in Atlin, British Columbia, with a 56,569 -hectare package of
mineral tenures. The company also holds 100% interest in three mineral properties loca ted in British
Columbia: Wheaton Creek Gold, Haskins Reed, and Weaver Gold. Pacific Bay aspires to see its
environmentally responsible exploration and development activities bring meaningful benefits to the
communities in which it operates.
Pacific Bay Minerals Ltd.
Per/
Reagan Glazier, President and CEO
(604) 682-2421
pacificbayminerals.com / Twitter / LinkedIn
NATDOCS\70120027\V-2
This news release contains "forward‐looking statements" within the meaning of Canadian securities
legislation. Forward‐looking statements include, but are not limited to, statements with respect to: the
timing for and expected completion of the debt consolidation transactions, statements regarding the
financial condition of the Company, spending commitments, and regulatory approvals (including
approvals of the TSXV). Such statements and information are based on numerous assumptions
regarding present and future business strategies and the environment in which Pacific Bay will operate
in the future. Certain important factors that could cause actual results, performances or achievements
to differ materially from those in the forward‐looking statements include, amongst others, the global
economic climate, dilution, share price volatility and competition, results of exploration activities and
development of the Company’s properties, and risks relating to regulatory approvals. Although Pacific
Bay has attempted to identify important factors that could cause actual results to differ materially from
those contained in forward‐looking statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward‐looking statements.
Pacific Bay does not undertake to update any forward‐looking statements, except in accordance with
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.