Eagle Bay Resources Announces Proposed Share Consolidation

VANCOUVER, BC / ACCESSWIRE / October 11, 2023 / Eagle Bay Resources Corp. (CSE:EBR) ("Eagle Bay" or the "Company") announces today it will be seeking the Canadian Securities Exchange (the "CSE") approval to consolidate all of its issued and outstanding common shares (the "Common Shares") on the basis of 10:1, with each ten (10) pre-consolidated Common Shares being consolidated into one (1) post-consolidated Common Share (the "Share Consolidation"). In accordance with the Company's articles, shareholder approval will not be required for the proposed Share Consolidation. The proposed Share Consolidation has been approved by the Company's board of directors.

The proposed share Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding 52,854,526 Common Shares to approximately 5,285,452 Common Shares, subject to rounding.

No fractional shares will be issued as a result of the Share Consolidation. Any fractional shares resulting from the Share Consolidation will be rounded up to the next whole Common Share, and no cash consideration will be paid in respect of fractional shares.

The Company's board of directors believes that the Share Consolidation will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including financing arrangements. There is no change of business associated or being effected with respect of the Share Consolidation. In addition, the Company will not be changing its name in connection with the Share Consolidation.

The Company will be obtaining a new CUSIP and ISIN number for the Share Consolidation. The record date and effective date of the Share Consolidation, and the new CUSIP and ISIN numbers, will be disclosed in a subsequent news release. Generally, with respect of a consolidation, the shares would commence quotation on the CSE on a consolidated basis on the first trading day prior to the record date, being the effective date and the CSE would issue a bulletin to dealers advising of the share consolidation and effective date of trading on the consolidated basis. Notwithstanding the foregoing, the Share Consolidation is subject to regulatory approval, and the board of directors may, at its discretion, determine to amend the terms or to not to move forward with the Share Consolidation.