Eagle Bay Resources Completes Private Placement for Proceeds of $749,993
Summary
As a result of the Offering and the acquisition of the Units, Zimtu beneficially now owns 3,714,500 common shares of the Company, representing 24.3% of the issued and outstanding shares of the Company.This press release and Zimtus corresponding early warning report, which is expected to be filed on SEDAR+ in the near term, constitute the required disclosure pursuant to Section 5.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids. The requirement to file an early warning report was triggered because the acquisition by Zimtu of the Units as part of the Offering and the completion of the Offering decreased Zimtus beneficial ownership of the common shares by 15.7% as compared with the early warning report filed by Zimtu in connection with its earlier acquisition of common shares. The common shares acquired in connection with the Offering are being acquired by Zimtu for investment purposes and in the future, it may discuss with management and/or the board of directors of the Company any of the transactions listed in clauses (a) to (k) of Item 5 of Form F1 of National Instrument 62-103 -- The Early Warning System and Related Take-over Bid and Insider Reporting Issues and it may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of the Company, in such manner as it deems advisable to benefit from changes in market prices of the Companys securities, publicly disclosed changes in the operations of the Company, its business strategy or prospects, or from a material transaction of the Company, and it will also consider the availability of funds, evaluation of alternative investments and other factors.The early warning report that will be filed on SEDAR+ in respect of the Offering will satisfy the requirement of Section 5.2 of NI 62-104 to have the early warning report filed by an acquiror, in this case by Zimtu, with the securities regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer and which contains the information with respect to the foregoing matters and the information required by section 3.1 of National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which includes the information required by Form 62-103F1 -- Required Disclosure under the Early Warning Requirements.A copy of the early warning report filed by Zimtu in connection with the brokered offering will be available under the Companys profile on the SEDAR+ website.Eagle Bay Resources Corp. is a Canadian exploration company specializing in the acquisition and development of high potential rare earth elements (REEs) and niobium properties. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company, including, but not limited to: changes in general economic conditions or conditions in the financial and capital markets; uncertainties related to the availability and costs of financing needed in the future; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions and geopolitical risk and social unrest. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law