Pacific Bay Minerals Amends Terms of Private Placement
Pacific Bay Minerals Amends Terms of Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) -
Pacific Bay Minerals Ltd. (TSXV:
PBM
) ("PacBay" or the "Company
announces that, further to its press release dated May 15, 2023,
and due to challenging market conditions, it has amended the terms of it's previously announced non-
brokered private placement (the "
Offering
"). The Company has reduced the price of the units ("
Units
")
under the Offering from $0.07 per Unit to $0.05 per Unit. Each Unit will now be comprised of one
common share in the capital of the Company (each, a "
Share
") and one Share purchase warrant (each,
a "
Warrant
"). Each Warrant will entitle the holder thereof to acquire one Share for a period of 36 months
from the closing date of the offering, at an exercise price of $0.10 per Share.
Pursuant to the amended terms of the Offering, the Company will issue up to 10,000,000 Units, for total
gross proceeds of up to $500,000. The Offering is expected to close in June, 2023, and is subject to
certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.
Proceeds from the Offering will be used to advance the ongoing exploration at the Atlin Goldfields
Property optioned by the Company in northern British Columbia, for the repayment of certain debt
obligations and for general working capital purposes. In connection with the Offering, certain finders may
receive a cash fee and / or non-transferable finder warrants.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
About Pacific Bay Minerals Ltd.
The Company has an option to earn a 100% interest in the Atlin Goldfields Property, an early stage
exploration project containing the Yellowjacket deposit among several other prospective gold projects
neighbouring the Atlin run-of-river hydroelectric project. The Yellowjacket deposit contains a historic
resource of gold mineralization located 10km away from the town of Atlin and has year-round road
access.
Contact Information
Reagan Glazier
Chief Executive Officer, President
Telephone: +1 403 815 6663 or +1 604 558 5847
http://www.pacificbayminerals.com/
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
.
This News Release contains forward-looking statements, which relate to future events. In some cases,
you can identify forward-looking statements by terminology such as "will", "may", "should", "expects",
"plans", or "anticipates" or the negative of these terms or other comparable terminology. All
statements included herein, other than statements of historical fact, are forward looking statements,
including but not limited to the Company's expectations regarding the closing date of the Offering, the
anticipated size of the Offering, the Company's plans regarding the Atlin Goldfields Property and other
matters.
These statements are only predictions and involve known and unknown risks, uncertainties
and other factors that may cause the Company's actual results, level of activity, performance, or
achievements to be materially different from any future results, levels of activity, performance, or
achievements expressed or implied by these forward-looking-statements. Such uncertainties and
risks may include, among others, actual results of the Company's exploration activities being different
than those expected by management, delays in obtaining or failure to obtain required government or
other regulatory approvals, the ability to obtain adequate financing to conduct its planned exploration
programs, inability to procure labour, equipment and supplies in sufficient quantities and on a timely
basis, equipment breakdown, and bad weather.
While these forward-looking statements, and any
assumptions upon which they are based, are made in good faith, and reflect the Company's current
judgment regarding the direction of its business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions, or other future performance
suggestions herein. Except as required by applicable law, the Company does not intend to update
any forward-looking statements to conform these statements to actual results.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/167981