VANCOUVER, June 21, 2017 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (the "Company") is pleased to announce a non-brokered private placement of up to $200,000 (the "Financing"). The Financing will consist of up to 3,333,333 units. Each unit will consist of one common share at $0.06 and one-half of one share purchase warrant. Each whole warrant will be exercisable for the purchase of an additional common share for a term of 24 months at an exercise price of $0.10 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 days. 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 detailed airborne magnetic survey completed last week on the PIL Property (see news release dated June 13, 2017) helped define the scope of the geological and induced polarization geophysics programs planned for the summer of 2017. The private placement funds will be used for these programs on the PIL Property and for general working capital.
Finder's fees may be paid on portions of the private placement.
The private placement shares, the warrants, any common shares acquired upon exercise of the warrants and any securities issued in payment of finder's fees will be subject to a four-month hold period that will run from the date of closing.
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
