VANCOUVER, Dec. 19, 2017 /CNW/ - Finlay Minerals Ltd.
(TSXV: FYL) (the "Company") announces the closing of the
non-brokered flow-through ("FT Financing") and
non-flow-through ("NFT Financing") private placement
financings today.
A total of 1,275,000 flow-through units at $0.11 per unit were issued for gross proceeds of
$140,250 for the FT Financing. Each
unit consists of one common share and one-half of one share
purchase warrant.
A total of 778,000 non-flow-through units at $0.09 per unit were issued for gross proceeds of
$70,020 for the NFT Financing. Each
unit consists of one common share and one full share purchase
warrant.
Each whole common share purchase warrant (a "Warrant") is
exercisable for the purchase of an additional common share on a
non-flow-through basis for a term of 48 months at an exercise price
of $0.20 per common share. The
warrant term will be accelerated upon written notice from the
Company, in the event that the common shares of the Company close
at a price of not less than $0.30 per
share for at least 20 consecutive trading day at any time beginning
April 20, 2018. Upon such
notice being provided, the holders of the warrants will have 30
days to exercise the warrants, failing which they will expire and
be of no further force or effect.
The funds will be used to conduct deep induced polarization (IP)
geophysics, deep drilling on its Silver Hope property and for
general working capital purposes.
Finder's fees totalling $5,296.20
were paid in regards to these FT and NFT Financings; the finder's
fees were paid to PI Financial Corp. and Haywood
Securities.
The private placement shares, the warrants and any common shares
acquired upon exercise of the warrants will be subject to a
four-month hold period expiring April 20,
2018.
About Finlay Minerals Ltd.
Finlay is a TSX Venture Exchange company focused on exploration
for base and precious metal deposits in northern British Columbia. The Company's properties
include:
- the Silver Hope which includes porphyry
copper-molybdenum mineralization discovered in 2010, along with
three silver-copper mineralized zones, in a contiguous trend with
the mined-out deposits of the former Equity Silver Mines (71
million oz. silver, 185 million lbs. copper and 508,000 oz.
gold),
- the ATTY which is contiguous to the north side of
the Kemess East deposit of AuRico Metals Inc., and
- the PIL Property.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX
Venture Exchange. For further information and details please visit
the Company's website at www.finlayminerals.com
On behalf of the Board of Directors,
Robert F. Brown,
President & CEO
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.
Forward-Looking Information: This news release
includes certain "forward-looking information" and "forward-looking
statements" (collectively, "forward-looking statements") within the
meaning of applicable Canadian securities legislation. All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that
are not historical facts and are generally, although not always,
identified by words such as "expect", "plan", "anticipate",
"project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. All such
forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made.
Forward-looking statements in this news release include statements
regarding the proposed used of funds from the Private Placement and
the Company's intentions relating to exploration of the Silver Hope
Property. Although Finlay believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploration
successes, and continued availability of capital and financing and
general economic, market or business conditions. These
forward-looking statements are based on a number of assumptions
including, among other things, assumptions regarding general
business and economic conditions, the timing and receipt of
regulatory and governmental approvals, the ability of Finlay and
other parties to satisfy stock exchange and other regulatory
requirements in a timely manner, the availability of financing for
Finlay's proposed transactions and programs on reasonable terms,
and the ability of third party service providers to deliver
services in a timely manner. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Finlay does not assume any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future or otherwise, except
as required by applicable law.
SOURCE Finlay Minerals Ltd.