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Pacific Bay Minerals Ltd. Announces $2 Million Private Placement to Advance Pereira-Velho Gold Project in Brazil
Vancouver, British Columbia--(Newsfile Corp. - July 2, 2025) - Pacific Bay Minerals Ltd. (TSXV: P...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Minerals Ltd. Announces $2 Million Private Placement to Advance Pereira-Velho Gold Project in BrazilVancouver, British Columbia--(Newsfile Corp. - July 2, 2025) - Pacific Bay Minerals Ltd. (TSXV: PBM) (\"PacBay\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 20,000,000 units (the \"Units\") at a price of $0.10 per Unit for gross proceeds of up to $2,000,000 (the \"Offering\").Each Unit will consist of one common share and one common share purchase warrant (a \"Warrant\"). Each Warrant will be exercisable to acquire one additional common share at a price of $0.15 per share for a period of 24 months from the date of issuance. The Company shall have the right to accelerate the expiry of the Warrants if the volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange equals or exceeds $0.25 for twenty (20) consecutive trading days.The Company may pay finder's fees to eligible parties consisting of 7% cash and 7% finder's warrants on completed subscriptions, in accordance with the policies of the TSX Venture Exchange.The Offering is expected to close on or about July 17, 2025, and is subject to regulatory approvals including the acceptance of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month and one day hold period under applicable Canadian securities laws.Use of ProceedsNet proceeds from the Offering will primarily be used to complete the acquisition of the Pereira-Velho Gold Project in Alagoas State, Brazil, and to fund early-stage exploration. Remaining funds may support exploration on the Company's Canadian assets and general corporate activities.Insider ParticipationCertain insiders of the Company may participate in the Offering. Any such participation would be considered a \"related party transaction\" under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company intends to rely on available exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101.DisclaimerThis press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The securities being offered have not been, nor will they be, reg...