Pacific Bay Minerals Ltd. announced a non-brokered private placement to issue 7,150,000 units at an issue price of CAD 0.07 per unit for the gross proceeds of CAD 500,500 on May 11, 2023. Each unit will consist of one common share and one-half share purchase warrant, with each warrant entitling the holder to acquire an additional share at a price of CAD 0.12 for a period of 36 months from the closing date of the transaction. The transaction is expected to close on or about May 30, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals.

The securities issued pursuant to the transaction will be subject to a four-month hold period from the date of closing of the transaction. In connection with the offering, certain finders may receive a cash fee and/or non-transferable finders warrants.