Finlay Minerals successfully secures $200,000 from Warrant Exercise by a Key Insider
Finlay Minerals successfully secures $200,000 from Warrant
Exercise by a Key Insider
VANCOUVER, BC
,
Nov. 28, 2024
/CNW/ -
Finlay Minerals (TSXV: FYL) (OTCQB: FYMNF) ("Finlay"
or the
"Company")
is pleased to
announce that it has received proceeds of
$200,000
pursuant to the exercise of 2,000,000 warrants (the "Warrants") at an exercise price well
above the current market price.
An insider of the Company,
Ilona Barakso Lindsay
, exercised the Warrants, which were acquired through a private placement transaction
completed in 2023, with an exercise price of
$0.10
and an expiry date of
May 29, 2025
.
Ms. Lindsay acquired these securities for investment purposes and may choose to exercise the remaining warrants in the warrant series at her
discretion.
No new insiders or control persons were created with this warrant exercise.
"I am very pleased to continue supporting Finlay despite the challenging market conditions. Our recent exploration success on the SAY Project
demonstrates our commitment to creating shareholder value," stated Ms. Lindsay.
"In 2024, we completed a Controlled Source Audio-frequency Magnetotellurics (CSAMT) survey on the Silver Hope Property, which indicates the
potential expansion of the Main and West Cu-Mo porphyry mineralized zones. This survey also identified East Trends 1 & 2 and
Dina East
as
viable new drill targets.* Additionally, we acquired the highly prospective copper and silver SAY Project in northern
British Columbia
."
A recently completed program on the SAY Project discovered the AG Zone - a 200-meter by 200-meter zone characterized by multi-directional
copper-silver (Cu-Ag) mineralized brittle fracturing. Notably, a 9.5-meter chip sample assayed at 0.94% Cu and 18.1 g/t Ag, while another 4.5-
meter chip sample assayed at 0.85% Cu and 35.3 g/t Ag. The AG Zone remains open to the west and south. **
Due to these highly encouraging results, the Company staked an additional 4,665 hectares (ha), increasing the size of the property by 44%.
Planning is underway for a substantial and systematic exploration program in 2025 aimed at expanding the new AG Zone, identifying the source of
the Cu-Ag mineralizing system, and further evaluating the Cu-Ag fracture mineralization along the 4.3 km long SPUR Trend.
References:
*
Reference Finlay News Release NR10-24 dated
July 30, 2024
entitled: "
Finlay Minerals confirms Targets on the Silver Hope from
completed CSAMT Geophysical Survey."
**
Reference Finlay News Release NR13-24 dated
November 20, 2024
entitled: "
Finlay Minerals samples 1.17% Cu and 103.5 g/t Ag
across 21.7 meters of a Continuous Chip Sample on the SAY Property.
"
Qualified Person:
Wade Barnes
, P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has
approved the technical content of this news release.
About Finlay Minerals Ltd.
Finlay is a TSXV company focused on exploration for base and precious metal deposits with four properties in northern British Columbia. In
addition to the SAY, the Company has two Toodoggone Properties and the Silver Hope Property surrounding the past-producing Equity Silver
Mine.
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 & Director
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. All statements in this news release
that address events or developments that we expect to occur in the future, including all statements regarding future exploration plans at the
Company's mineral properties, 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 successes, continued availability of capital and financing and general economic, market or business
conditions. These forward-looking statements are based on several assumptions, including, among other things, assumptions regarding general
business and financial 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.
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SOURCE
Finlay Minerals Ltd.
View original content:
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For further information:
For further information, contact: Finlay Minerals Ltd., Robert F. Brown,
President, CEO & Director,Tel: 604-684-3099,
CO: Finlay Minerals Ltd.
CNW 08:30e 28-NOV-24