Finlay Minerals Ltd. Announces the Closing of the Non- Brokered Financings
Finlay Minerals Ltd. Announces the Closing of the Non-
Brokered Financings
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.
View original content: http://www.newswire.ca/en/releases/archive/December2017/19/c6886.html
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For further information:
Finlay Minerals Ltd., John Barakso, Chairman of the Board, Tel: 604-684-3099, [email protected]
CO: Finlay Minerals Ltd.
CNW 18:34e 19-DEC-17