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Pacific Bay Closes Final Tranche of Financing

Newsfile Corp.
·2 min read

Vancouver, British Columbia--(Newsfile Corp. - February 5, 2021) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM) ("Pacific Bay" or the "Company") reports that the Company has closed a $35,750 final tranche of a previously announce financing through issuance of 286,000 units at a price of at a price of $0.125 per unit (the "Units"). The Units consist of one common share and one warrant to purchase one additional common share at a price of $0.175 for one year. The Units issued under this final tranche will be subject to a four month hold period expiring June 6th, 2021. The Company plans to use the proceeds of the financing to explore its 100% owned British Columbia gold and polymetallic properties and for working capital purposes. No finder's fees were paid with respect to the closing.

Pacific Bay Minerals Ltd.
Per/

David H. Brett, MBA
President & CEO
Contact: David Brett, 604-682-2421, dbrett@pacificbayminerals.com

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This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the expected use of proceeds of the Financing. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Pacific Bay does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73812