Business
Pacific Bay Announces Additions to Management Team, Flow-Through & Non Flow-Through Financing, and Sets Stock Options
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2020) - David H. Brett, President...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Announces Additions to Management Team, Flow-Through & Non Flow-Through Financing, and Sets Stock OptionsVancouver, British Columbia--(Newsfile Corp. - September 24, 2020) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") reports that the Company has made a number of additions to its management team, arranged a non-brokered private placement for gross proceeds of $625,000, and granted incentive stock options to purchase 1,400,000 shares of the Company at $0.15 per share for three years. The financing and stock options are subject to the acceptance of the TSX Venture Exchange.Newly appointed officers joining the Company are Vice President of Exploration Sebastien Ah Fat, P.Geo, Vice President of Operations Antonio Vespa, P.Eng., and Vice President of Corporate Development Helder Carvalho, B. Comm. Joining the Company's board as an independent director is William H. Smith, QC.The planned financing will consist of 1,500,000 non flow through units at $0.15 per unit with each unit consisting of one common share and one warrant to purchase one additional common share at a price of $0.20 for a period of one year and 2,000,000 flow through units at $0.20 per unit consisting of one flow through share and one warrant to purchase one non flow through share at a price of $0.25 for a period of one year for gross proceeds of $225,000 non flow through funds and $400,000 flow through funds (the \"Offering\"). The non flow through funds will be used for general working capital purposes and the flow through funds will be used to fund exploration of the Company's 100% owned Wheaton Creek Gold Property, and, to a lesser extent, the Company's other mineral properties. The Company plans to pay finders fees on all or part of the Offering.William H. (Bill) Smith, QC is a lawyer with over 40 years of board, legal, finance and business experience with both private and public companies. Formerly a partner at McCarthy Tetrault LLP, Mr. Smith's experience spans the natural resource, technology and industrial sectors in Canada and overseas. A respected leader in corporate governance best practices, Mr. Smith served as interim Director of the Alberta Securities Commission and has served on the boards of companies listed on the TSX Venture Exchange, the TSX, the London Stock Exchange, an...