Business
Pacific Bay Minerals Amends Terms of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Pacific Bay Minerals Ltd. (TSXV: ...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Minerals Amends Terms of Private PlacementVancouver, 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 ...