VANCOUVER, Nov. 27, 2017 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (the "Company") is pleased to announce a non-brokered flow-through private placement to raise gross proceeds of up to $1,000,000 (the "FT Financing") and a concurrent non-brokered non-flow-through private placement to raise gross proceeds of up to $250,000 (the "NFT Financing").
The FT Financing will consist of up to 7,142,857 units; each unit will consist of one common share of the Company, on a flow-through basis (a "FT Share") and one-half of one share purchase warrant, at a price of $0.14 per unit. The NFT Financing will consist of up to 2,083,333 units; each unit will consist of one common share of the Company, on a non-flow through basis (a "NFT Share") and one full share purchase warrant, at a price of $0.12 per unit.
Each whole common share purchase warrant (a "Warrant") will be exercisable for the purchase of an additional common share of the Company, on a non-flow through basis (each, a "Warrant Share") for a term of 48 months at an exercise price of $0.20 per share. In the event 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 at any time beginning four months and one day after the date of issuance of the Warrants, the term of the Warrants may be accelerated upon written notice from the Company. 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 proceeds of the of financing will be used to fund deep induced polarization (IP) geophysics and deep drilling on its Silver Hope Property, to fund deep IP on its ATTY Property and for general working capital.
Finder's fees of up to 6% may be paid on portions of the private placement made by third parties who are introduced by the finder/broker.
Closing of the private placement is expected to occur on or about December 18, 2017 and is subject to receipt of regulatory approvals, including the approval of the TSX Venture Exchange. The FT Shares, the NFT Shares, the Warrants, any Warrant Shares 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 issuance.
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 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.
