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Pacific Bay Announces Sale of Sphinx Property, Critical Minerals Impact at Haskins-Reed and Financing Update
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2025) - David H. Brett, Chairman of P...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Announces Sale of Sphinx Property, Critical Minerals Impact at Haskins-Reed and Financing UpdateVancouver, British Columbia--(Newsfile Corp. - November 18, 2025) - David H. Brett, Chairman of Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") is pleased to announce several corporate initiatives including the sale of its 100% owed Sphinx property north of Dease Lake, amendments by the recent Government of Canada Budget to include Tungsten & Bismuth as critical minerals, which positively impact its Haskin-Reed property, the initiation of a work program at the Weaver Gold project and the receipt of an extension from the TSX Venture Exchange with respect to its previously announced private placement (\"Financing\").Financing UpdateThe Company is pleased to report it has received an extension from the TSX Venture Exchange until December 12th, 2025 to close the Company's previously announced 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 has received conditional approval from the TSX Venture Exchange (the \"Exchange\") but remains subject to final acceptance.Each FT Unit 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. Each NFT Unit 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 mineral projects and such expenditures will 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.Haskins-Reed Critical Mineral Project UpdateThe Company was pleased to learn that the recent policy and infrastructure developments made by Government of Canada 2025 Budget announcement revealed that both tungsten and bismuth have been added to the list of critical minerals...