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Pacific Bay Arranges $1,300,000 Private Placement Consolidated Pacific Bay Minerals Ltd. — TSX Venture — CBP
Vancouver, British Columbia, September 29, 2006 -- Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") announces that the Company has arranged, with the assistance of Max Capital Markets, Ltd. of Toronto and subject to regulatory approval, a private placement of up to 2,225,000 Non Flow Through Units ("NFT Units") and up to 3,420,000 Flow-Through Units ("FT Units") at a price of $0.20 per NFT Unit and $0.25 per FT Unit for gross proceeds of up to $1,305,000 (the "Offering"). Each NFT Unit will consist of one common share and one non-transferable share purchase warrant exercisable into one additional common share for a period of twelve months from the date of issuance at a price of $0.25 per share. Each FT Unit will consist of one flow through common share and one half of a non-transferable share purchase warrant with each whole warrant exercisable into one non flow through common share for a period of twelve months from the date of issuance at a price of $0.30 per share.
Shares issued pursuant to the Offering, as well as any shares issued pursuant to the exercise of the warrants, will be subject to a four-month hold period from the date of closing. A cash finder's fees of 8% of the gross proceeds of the Offering will be payable in connection with the Offering and an option to purchase up to 10% of the shares sold under the Offering exercisable at $0.25 per share for two years will be issued. Proceeds from the private placement will be used to fund the Company's exploration program on its mineral resources properties in Quebec and for general working capital.
Pacific Bay Minerals explores for uranium and precious metals in Québec and Argentina. Please visit our website at pacificbayminerals.com for more information on all our programs.
On Behalf Of The Board Of Directors
George Sanders
President
For Further Information Call
In Canada: 1-800-670-6570
In the USA:1-800-665-5101
Local: 604-682-2421
E-Mail: ir@pacificbayminerals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.