Eagle Bay Resources Completes Private Placement for Proceeds of $755,000

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / April 15, 2024: Eagle Bay Resources Corp. (CSE:EBR) ("Eagle Bay" or the "Company") is pleased to announce that it has completed a non-brokered private placement consisting of the issuance of a total of 7,550,000 units (each, a "Unit") at a price of $0.10 per Unit, raising aggregate proceeds of $755,000 (the "Offering"). Each Unit consisted of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.15 per Share for a period of two (2) years from closing of the Offering (the "Closing"). The proceeds of the Offering will be used for property exploration and general working capital.

All securities issued with respect to the Offering will are subject to a hold period of four months and one day in accordance with applicable securities laws.

Certain directors, officer and a control person to the Company participated in the Offering and purchased a total of 750,000 Units. As such directors, officer and control person are related parties within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) of the Canadian Securities Administrators, the Offering constituted a related-party transaction under MI 61-101. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements in sections 5.5(c) and 5.7(1)(b) of MI 61-101 as the transaction is a distribution of securities for cash consideration and neither the Company nor the related parties have knowledge of any material information concerning the Company or its securities that has generally not been disclosed, the Company trades on the CSE, the fair market value of the securities to be distributed does not exceed $2,500,000, the Company has one or more independent directors and two thirds of those independent directors have approved the transaction. A material change report will be filed fewer than 21 days prior to the closing of the Offering. The Company did not file a material change report 21 days before closing of the offerings as the details of the insider participation were not known at that time.