The event will be held on Sunday, July 3 starting at 11am.
Built in 1938, the Bridlington pleasure boat was taken over by the Royal Navy during the Second World War and used for patrol duties and boom defence, flying the white ensign and being re-designated HMS or HMPV Yorkshire Belle for the duration of her war service.
The ship was carrying out a patrol when she struck a mine in the Humber, her entire crew died, only four of the bodies were ever recovered and three are buried in Grimsby.
Richard M Jones, a spokesman for the event, said: “This will be the first time that the Yorkshire Belle has ever been in the press. She was never announced in the newspapers at the time and her loss was only ever felt to those closest to the vessel or her crew.
“This memorial changes this. It was funded and built by a local concrete firm, the metal plaque paid for by the Bridlington branch of the Royal Naval Association, the design, fundraising and organisation was done by myself with the assistance of local veteran Martin Barmby, to which a huge thanks is due.
“Anyone who has information on this lost ship or who lost relatives during the sinking to come forward and contact me on [email protected]”