Mining minerals

Pacific Bay Minerals Amends Terms of Private Placement

Vancouver, British Columbia–(Newsfile Corp. – May 31, 2022) – David H. Brett, President and Chief Executive Officer, Pacific Bay Minerals Ltd. (TSXV: PBM) (“Pacific Bay” or the “Company”) reports that the Company has, subject to acceptance by the TSX Venture Exchange, amended the terms of the $500,000 non-brokered private placement announced on March 2022, and as amended May 6e2022 in connection with the Company’s proposed acquisition of the Atlin Goldfields property (the “Financing”).

The Financing will now consist of 7,142,858 units (“Units“) at $0.07 per unit, for total gross proceeds of $500,000. Each unit will consist of one share and a warrant to purchase one additional share at $0.10 for a period of 36 months. Funding close is expected in June.

On behalf of the Board of Directors
David Bret, CEO
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(604) 682-2421

Helder Carvalho, Vice President, Corporate Development
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This press release contains “forward-looking statements” within the meaning of Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the expected size and use of proceeds from the financing, the timing and expected completion of the financing, and regulatory approvals (including TSXV approvals). These 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, performance or achievements to differ materially from those set forth in the forward-looking statements include, among others, global economic climate, dilution, stock price volatility and competition, results exploration activities and development of the Property, risks related to regulatory approvals and the Company’s ability to complete the Financing as contemplated or not at all. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or expected. 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 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.