Pacific Bay and Brixton Metals Amend Atlin Goldfields Option Agreement
Vancouver, May 5, 2023 - Reagan Glazier, president and CEO of Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company") reports that Pacific Bay and Brixton Metals Corp ("Brixton") have agreed to amend the terms of the definitive option agreement entered into by the parties on May 4th, 2022 enabling Pacific Bay to acquire up to a 100% interest in the Atlin Goldfields Property in northern BC (the "Agreement"). The amending agreement (the "Amendment") provides Pacific Bay additional time to complete the required first anniversary cash payment and work commitment, as outlined below.
Under the Amendment, the $200,000 cash payment due May 4th, 2023 may be paid by Pacific Bay on the earlier of July 10th, 2023 or five days following the completion of a private placement financing by the Company. The Amendment also permits Pacific Bay to complete the required $500,000 in year one expenditures during the second year of the Agreement. The 1,000,000 Pacific Bay shares payable to Brixton under the Agreement are to be issued forthwith. Pacific Bay will also forthwith file approximately $250,000 in Atlin expenditures to date as assessment work.
"Pacific Bay is very bullish about the Atlin Goldfields project and we appreciate the flexibility provided by Brixton to advance this exciting gold camp," said Reagan Glazier, President & CEO of Pacific Bay. "We will shortly be updating investors about our financing plans and exploration strategy for Atlin."
Pacific Bay Minerals Ltd. Per/
Reagan Glazier, President & CEO
Contact: Reagan Glazier, 604-682-2421, reagan@pacificbayminerals.com
This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the timing for payment of the option payments, timing regarding any future financings of the Company and timing for completion of future expenditures and plans relating to exploration of the Property, the magnitude and quality of the Property and spending commitments. Such 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, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition, results of exploration activities and development of the Atlin Goldfields Property, risks associated with the Agreement, including that the Agreement may be terminated or the option not exercised, risks relating to regulatory approvals, and the ability of the Company to complete a private placement financing. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 any 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164951
