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$1.44 Million Financing Arranged For Otish Uranium Projects Consolidated Pacific Bay Minerals Ltd. — TSX Venture — CBP
Vancouver, British Columbia, February 22, 2007 - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") reports that the Company has arranged a non-brokered, 4,000,000 unit, non-flow through private placement at $0.36 per unit for gross proceeds of $1.44 million with a syndicate of institutional investors. Each unit consists of one common share and one half common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company at a price of $0.50 for a period of one year from the closing of the offering. The proceeds of the financing will be used to further the Company's ongoing uranium exploration activity in the Otish Mountains of Quebec, and for general working capital purposes.
Cash compensation of 7% of the proceeds and 7% broker warrants will be payable to M Partners Inc. As final approval of the TSX Venture Exchange has already been granted, the Company expects to close the financing shortly.
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.