Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

December 06, 2007 09:00 ET

Pacific Bay Arranges $700,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2007) - David H. Brett, CEO, Consolidated Pacific Bay Minerals Ltd. (TSX VENTURE:CBP) (the "Company"), reports that the Company has arranged with MineralFields Group a private placement of 2,000,000 flow through units at $0.35 per unit for gross proceeds of $700,000, subject to regulatory approval. The financing is to fund exploration of the Company's Papaskwasati Uranium exploration project in Quebec. Each unit will consist of one flow through common share and one half of one warrant whereby each whole warrant will entitle the holder to purchase an additional non-flow through common share at a price of $0.45 for a period of one year.

Compensation payable at closing of the financing consists of a finder's fee of 5% of the proceeds payable in common shares, and non-flow-through finder's fee warrants equal to 8% of the number of units subscribed for on the same terms as the unit warrants.

Consolidated Pacific Bay Minerals Ltd.

David H. Brett, CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Consolidated Pacific Bay Minerals Ltd.
    Investor Relations
    (604) 682-2421 or Toll Free: 1-800-670-6570 (Canada)
    Toll Free: 1-800-665-5101 (USA)
    (604) 682-7576 (FAX)
    Website: www.pacificbayminerals.com