David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that the Company has closed on the second and final tranche of the private placement announced on November 4, 2010, and issued a further (i) 755,000 Flow-Through Units (“FT Units”) for gross proceeds of $79,275; and (ii) 3,515,000 Non-Flow-Through Units (“NFT Units”) for gross proceeds of $281,200.
Each NFT Unit consists of one common share and one common share purchase warrant (a “Warrant”) entitling the holder to purchase an additional common share for a period of two years at a price of $0.15 share during the first year and $0.25 per share during the second year. Each FT Unit consists of one “flow-through” common share and one-half of one Warrant. The Company paid finder’s fees consisting of $5,995.50 and issued 87,200 finders warrants in connection with closing the second tranche.
A total of 3,945,426 FT Units and 6,015,000 NFT Units were issued under both tranches of the private placement for gross proceeds of $414,270 from the sale of FT Units and $481,200 from the sale of NFT Units.
The gross proceeds from the sale of the FT Units will be used to fund exploration on the Company’s Haskins-Reed polymetallic project in Northern BC, and the net proceeds from the sale of NFT Units will be used to fund uranium exploration on the Company’s projects in Argentina and for working capital.
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.