Finlay Minerals Announces the Closing of Oversubscribed Private Placement Financing
FINLAY MINERALS ANNOUNCES THE
CLOSING OF OVERSUBSCRIBED PRIVATE
PLACEMENT FINANCING
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
May 30, 2023
/CNW/ -
Finlay Minerals Ltd.
(TSXV: FYL) ("
Finlay
" or the
"
Company
") is pleased to announce that, further to the Company's news release dated
May 8,
2023
, the Company has closed, subject to receipt of final approval from the TSX Venture Exchange
("
TSX-V
"), its private placement financing for total proceeds of
$550,000
(the "
Private Placement
").
The Private Placement consisted of the issuance of: (i) 3,333,333 flow-through units ("
FT Units
") at
a price of
$0.06
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-half of a non-flow-through warrant (each whole warrant a "Unit Warrant"), and (ii)
7,000,000 non-flow through units ("
NFT Units
") at a price of
$0.05
per NFT Unit (the "
NFT Unit
Price
"), with each NFT Unit comprising one non-flow-through common share of the Company and
one-half of a Unit Warrant.
Each whole Unit Warrant entitles the holder thereof to acquire one additional non-flow-through
common share of the Company (a "
Warrant Share
") at an exercise price of
$0.10
per Warrant
Share for a period of twenty-four months from the closing of the Private Placement.
All securities issued under the Private Placement are subject to a four-month hold period expiring on
September 30, 2023
. The Company paid no finder's fees.
The Company expects to use the proceeds raised from the Private Placement to continue its work
on its Silver Hope and ATTY Properties and for working capital.
In connection with the Private Placement,
Ilona B. Lindsay
("
Ms. Lindsay
"), a director and officer of
the Company, purchased a total of 3,333,333 FT Units and 6,000,000 NFT units. The issuance of
such FT and NFT Units to Ms. Lindsay constitutes a "related party transaction" within the meaning of
Policy 5.9 of the TSX-V and Multilateral Instrument 61-101 -
Protection of Minority Security Holders
in Special
Transactions
("
MI 61-101
") as a result of Ms. Lindsay being a director, officer and an
insider (as defined under applicable securities laws) of the Company. 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 total FT and
NFT Units distributed to Ms. Lindsay pursuant to the Private Placement, nor the consideration paid
by Ms. Lindsay, exceeded
$2,500,000
).
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 TSXV company focused on exploration for base and precious metal deposits in northern
British Columbia
.
Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB.
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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) 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, including statements with respect to the use of the
private placement proceeds. 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. 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
results, availability of capital and financing and general economic, market or business conditions,
and the other risk factors described in Finlay's filings with Canadian securities regulators on
SEDAR at
www.sedar.com
. 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/May2023/30/c2999.html
%SEDAR: 00018019E
For further information:
Finlay Minerals Ltd., Robert Brown, President & CEO, Tel: 604-684-3099,
CO: Finlay Minerals Ltd.
CNW 01:13e 30-MAY-23