Business
Pacific Bay Announces Non-Brokered Financing
Vancouver, British Columbia--(Newsfile Corp. - September 25, 2025) - David H. Brett, Chairman of ...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Announces Non-Brokered FinancingVancouver, British Columbia--(Newsfile Corp. - September 25, 2025) - David H. Brett, Chairman of Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") reports that the Company is pleased to announce a non-brokered private placement offering of up to 2,000,000 flow-through units at $0.10 per unit (the FT Units\"), for gross proceeds of $200,000 and 1,500,000 non flow through units at $0.07 per unit (the \"NFT Units\") for gross proceeds of $105,000, totalling $305,000 in gross proceeds (the \"Financing\"). The Financing is subject to the acceptance of the TSX Venture Exchange (the \"Exchange\").The FT Units will consist of one flow through share and one-half warrant to purchase one non flow through share at $0.15 for a period of one year. The NFT Units will consist of one common share and one full warrant to purchase one common share at $0.10 for a period of one year. The proceeds of the FT Units will be used to explore the Company's British Columbia critical minerals projects and such expenditures with qualify as \"critical mineral flow through mining expenditures\" within the meaning of the Canadian Income Tax Act. The NFT Unit proceeds will be used for general working capital purposes.The Company reserves the ability to pay a finder fee of up to 8% of the gross proceeds of the financing. Brazil UpdateThe Company also announces that Pacific Bay's $2 million private placement announced July 2nd, 2025, will not be proceeding. The July 2nd financing was arranged in connection with the acquisition of the Pereira-Velho gold project in Alagoas state, Brazil. The Company remains fully committed to closing the acquisition of Pereira-Velho and expects to announce an alternative financing in the future to achieve this goal. The acquisition of Pereira-Velho was deemed a Fundamental Acquisition by the Exchange requiring detailed review and approval of the transaction. Preparation of an NI 43-101 Technical Report on Pereira-Velho was an Exchange requirement, and this report has been prepared and filed on SEDAR+, but remains subject to further review and approval by the Exchange. The Company will update and advise investors if and when a definitive agreement regarding Pereira-Velho is executed with the vendor, and other material information when it becomes available. None of th...