Pacific Bay Minerals Ltd. reported that the Company has closed partial proceeds of the non-brokered, $500,000 private placement announced May 15, 2023, amended terms of which were announced May 30th, 2023 (the "Financing"), totaling $28,000. The balance of the Financing will not be proceeding. According to the amended terms of the Financing, the Company issued 560,000 units at $0.05 per share, consisting of one share and one warrant to purchase an additional share for three years at $0.10 per share.

Proceeds of the Financing will be used for general working capital purposes. No finder's fees or commissions were paid with respect to the Financing.