Finlay Minerals announces Proposed Private Placement Flow-Through Financing of up to $300,000 /NOT FOR DISTRIBUTION TO
Finlay Minerals announces Proposed Private
Placement Flow-Through Financing of up to
$300,000
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Oct. 28, 2021
/CNW/ -
Finlay Minerals Ltd.
(TSXV: FYL) ("
Finlay
" or the
"
Company
") is pleased to announce a proposed non-brokered flow-through private placement
financing for aggregate gross proceeds of up to
$300,000
(the "
Private Placement
").
The Private Placement will consist of up to 1,666,666 flow-through units ("
FT Units
"), at a price of
$0.18
per FT Unit (the "
FT Unit Price
"), with each FT Unit comprising one common share of the
Company which qualifies as a "flow-through share" within the meaning of the
Income Tax Act
(
Canada
) and one Unit Warrant.
Each Unit Warrant shall entitle the holder thereof to acquire one additional common share of the
Company (each, a "
Warrant Share
") at an exercise price of
$0.25
per Warrant Share for a period
of twenty-four months from the closing of the Private Placement. The Private Placement is expected
to close on or about
November 15, 2021
.
The Company also advises that a director of the Company has agreed to subscribe for and
purchase from the Company 833,333 FT Units under the Private Placement. The Private Placement
will constitute a "related party transaction" within the meaning of Policy 5.9 of the TSX Venture
Exchange ("
TSX-V
") and Multilateral Instrument 61-101 -
Protection of Minority Security Holders in
Special
Transactions
("
MI 61-101
") as a result of the subscriber being a director and insider (as
defined under applicable securities laws) of the Company.
Related party transactions require a formal valuation and minority shareholder approval unless
exemptions from these requirements are available. The Company is relying on the exemption from
the formal valuation requirement in section 5.5(b) of MI 61-101 (as a result of its common shares
being listed on the TSX-V) and the exemption from the minority approval requirement in section
5.7(1)(b) of MI 61-101 (as neither the fair market value of the FT Units to be distributed to, nor the
consideration to be paid by the director will exceed
$2,500,000
). The Private Placement has been
unanimously approved by the independent directors of the Company, with the subscribing director
abstaining from voting.
The Private Placement is subject to certain conditions, including, but not limited to, receipt of all
necessary approvals, including the approval of the TSX-V. Further, depending on market conditions,
the Company may pay a finder's fee on a portion of the Private Placement in accordance with the
rules and policies of the TSX-V.
The net proceeds from the Private Placement will be used to fund continued Induced Polarization
geophysical surveys of the Equity East and Allin Zones, geological mapping and sampling, and
further core drilling of priority Equity Silver and porphyry copper-type targets on the Silver Hope
Property.
The securities being offered will not be registered under the United States Securities Act of 1933, as
amended and may not be offered or sold within
the United States
absent registration or an
exemption from the registration requirements. This news release does not constitute an offer to sell
or a solicitation of an offer to buy any of the securities in
the United States
.
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 are:
the
Silver Hope
Property, which surrounds the former Equity Silver Mine, includes the 2020
newly discovered Equity East target, 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 Mine (71 million oz. silver, 185 million lbs. copper and
508,000 oz. gold;
Reference:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001
).
the
ATTY
Property which is contiguous to the north side of the Kemess East deposit and
adjacent to the Kemess Underground deposit of Centerra Gold Inc., and
the
PIL
Property, which is adjacent to TDG Gold's Baker Mine and contiguous with AMARC
Resource's Joy property on which Freeport-McMoran has signed an option agreement with
Amarc Resources.
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
, P. Eng.
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, among others, the anticipated closing of the Private
Placement, the anticipated size of the Private Placement, the receipt of approval from the TSX
Venture Exchange, the expected use of proceeds from the Private Placement and the exploration
plans for the Company's properties. 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.
View original content:
http://www.newswire.ca/en/releases/archive/October2021/28/c8947.html
%SEDAR: 00018019E
For further information:
Finlay Minerals Ltd., Robert Brown, President & CEO, Tel: 604-684-3099,
CO: Finlay Minerals Ltd.
CNW 20:18e 28-OCT-21