James Bay Resources Limited announced a non-brokered private placement to issue unsecured convertible debentures in the aggregate principal amount of up to CAD 500,000 on December 1, 2023. Each debenture shall bear interest at a rate of 15%, payable semi-annually, and have a maturity date that is three years following the date the debenture is issued. The debentures shall be convertible, in whole or in part, at the option of the Holders, into common shares of the company at a conversion price of CAD 0.05 per common share.

The transaction will include participation from individual investor, Stephen Shefsky to purchase CAD 50,000 of debentures in the first tranche of the offering. The Offering is expected to close over a series of tranches, with the final tranche to close on or before January 31, 2024. The transaction has been approved by the board of directors of the company.