Business
Pacific Bay Minerals Announces 250K Non-Brokered Financing
Vancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - Pacific Bay Minerals Ltd. (TSXV...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Minerals Announces 250K Non-Brokered FinancingVancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - Pacific Bay Minerals Ltd. (TSXV: PBM) (\"PacBay\" or the \"Company\") announces a non-brokered private placement for the proceeds of up to $250,030 (\"the Financing\").The Financing will consist of (i) 3 million Units (the \"Units\") at a price of $0.05 per Unit and (ii) approximately 1,429,000 flow-through units (the \"FT Units\") offered at a price of $0.07 per FT Unit. Each Unit will comprise one common share and one common share purchase warrant (each whole such common share purchase warrant, a \"Warrant\"). Each FT Unit will consist of one charity flow-through common share and one Warrant to be issued on a non-flow-through basis. Each Warrant shall be exercisable into one additional common share for twenty-four months from closing at an exercise price of C$0.08 per Warrant. In accordance with the policies of the TSX Venture Exchange (the \"Exchange\"), the Company may pay a finder's fee of up to a 7% cash for subscriptions to the Financing. The Offering is expected to close on or about April 1, 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. The securities issued pursuant to the Offering will be subject to a four month hold period from the date of closing of the Offering.Certain insiders of the Company may participate in the Financing. The issuance of Units to insiders of the Company pursuant to the Financing will be considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transaction (\"MI 61-101\"). The Company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the Financing by insiders will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. PacBay intends to use the funds to acquire and develop its portfolio of critical mineral exploration projects in British Columbia, Canada and for working capital and general corporate purposes. The aggregate gross proce...