Pacific Bay (OTC:PBMFF) reported a warrant exercise and a CFO change. Holders exercised 1,089,285 warrants at $0.08, generating $87,143, which was used to reduce accounts payable. The remaining 3,778,144 $0.08 warrants expired. CFO Philip Ellard stepped down and Leanora Brett was appointed interim CFO.
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AI-generated analysis. Not financial advice.
Positive
Exercise of 1,089,285 warrants raised $87,143 in proceeds
Cash from warrant exercise applied to reduce accounts payable
Negative
3,778,144 $0.08 warrants expired without being exercised
Chief Financial Officer Philip Ellard stepped down from the role
Interim CFO appointment may indicate a leadership transition period in finance
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2026) - Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company") reports that the Company has issued 1,089,285 common shares pursuant to the exercise of 1,089,285 warrants at $0.08 prior to their expiry on May 13th, 2026, for proceeds of $87,143. The proceeds were used to reduce accounts payable of the Company. The remainder of the outstanding 3,778,144 $0.08 warrants expired May 13th.
The Company also advises that Philip Ellard, CFO of Pacific Bay since February of 2025, has stepped down from his role as CFO. Pacific Bay Corporate Secretary Leanora Brett has been appointed CFO on an interim basis.
"I would like to thank Phillip for his top-notch professional services on behalf of Pacific Bay and wish him all the best moving forward," said Pacific Bay President & CEO David Brett.
About Pacific Bay Minerals
Pacific Bay's 100% owned Haskins-Reed Critical Minerals Project in northwestern BC is one of the leading exploration projects in the Cassiar Region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead, and zinc in multiple high-grade polymetallic zones, over 150 drill holes, underground workings, and significant exploration potential. Pacific Bay also recently signed an option agreement to acquire 100% of the Mount Haskins claims, adjoining Haskins-Reed directly to the north. The Company also owns 100% of the Weaver Gold project in southern BC, now under option/JV with Aurwest Resources Corp. whereby Aurwest can earn 50%.
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.
What did Pacific Bay (PBMFF) announce on May 15, 2026?
Pacific Bay announced a warrant exercise and a CFO change. According to the company, 1,089,285 warrants were exercised for $87,143 in proceeds, and CFO Philip Ellard stepped down, with corporate secretary Leanora Brett named interim CFO.
How many Pacific Bay (PBMFF) warrants were exercised and at what price?
Investors exercised 1,089,285 Pacific Bay warrants at $0.08 each. According to the company, this generated cash proceeds of $87,143, which were used to reduce accounts payable, while the remaining $0.08 warrants expired unexercised on May 13, 2026.
How many Pacific Bay (PBMFF) warrants expired on May 13, 2026?
Pacific Bay reported that 3,778,144 $0.08 warrants expired on May 13, 2026. According to the company, only 1,089,285 warrants were exercised before expiry, generating $87,143, with the remainder of the outstanding warrants lapsing unexercised.
Who is the new interim CFO of Pacific Bay (PBMFF)?
Pacific Bay appointed corporate secretary Leanora Brett as interim CFO. According to the company, she replaces CFO Philip Ellard, who had served since February 2025 and has now stepped down from the chief financial officer role.
What does the Pacific Bay (PBMFF) warrant exercise mean for accounts payable?
The warrant exercise allowed Pacific Bay to reduce accounts payable. According to the company, proceeds of $87,143 from exercising 1,089,285 warrants at $0.08 were specifically used to pay down existing payables, improving the balance sheet in that area.
