Business
Pacific Bay and Brixton Metals Amend Atlin Goldfields Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - May 5, 2023) - Reagan Glazier, president and CEO o...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay and Brixton Metals Amend Atlin Goldfields Option AgreementVancouver, British Columbia--(Newsfile Corp. - May 5, 2023) - Reagan Glazier, president and CEO of Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") reports that Pacific Bay and Brixton Metals Corp (\"Brixton\") have agreed to amend the terms of the definitive option agreement entered into by the parties on May 4th, 2022 enabling Pacific Bay to acquire up to a 100% interest in the Atlin Goldfields Property in northern BC (the \"Agreement\"). The amending agreement (the \"Amendment\") provides Pacific Bay additional time to complete the required first anniversary cash payment and work commitment, as outlined below. Under the Amendment, the $200,000 cash payment due May 4th, 2023 may be paid by Pacific Bay on the earlier of July 10th, 2023 or five days following the completion of a private placement financing by the Company. The Amendment also permits Pacific Bay to complete the required $500,000 in year one expenditures during the second year of the Agreement. The 1,000,000 Pacific Bay shares payable to Brixton under the Agreement are to be issued forthwith. Pacific Bay will also forthwith file approximately $250,000 in Atlin expenditures to date as assessment work.\"Pacific Bay is very bullish about the Atlin Goldfields project and we appreciate the flexibility provided by Brixton to advance this exciting gold camp,\" said Reagan Glazier, President & CEO of Pacific Bay. \"We will shortly be updating investors about our financing plans and exploration strategy for Atlin.\" Pacific Bay Minerals Ltd. Per/Reagan Glazier, President & CEOContact: Reagan Glazier, 604-682-2421, [email protected] 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 payment of the option payments, timing regarding any future financings of the Company and timing for completion of future expenditures and plans relating to exploration of the Property, the magnitude and quality of the Property and spending commitments. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay w...