investors > press releases
$1.44 Million Financing Closed For Otish Uranium Projects Consolidated Pacific Bay Minerals Ltd. — TSX Venture — CBP
Vancouver, British Columbia, February 23, 2007 - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (TSX Venture: CBP, the "Company") reports that, further to the Company's news release of February 22, 2007 announcing the arrangement of a financing, the Company has closed 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 leading institutional investors. Each unit consists of one common share and one half of one warrant whereby each whole warrant entitles the holder to purchase an additional common share at $0.50 for one year expiring February 23, 2008. 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 $100,800 was paid to M Partners Inc. of Toronto, who were also issued compensation broker warrants to purchase 280,000 common shares of the Company at $0.36 for a period of one year expiring February 23, 2008. All shares issued under the above financing, including any shares issued on exercise of the warrants, are subject to a 4-month hold period expiring June 24, 2007.
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.