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Finlay Minerals Ltd., trading on the TSX Venture Exchange under the symbol FYL and on the OTCQB as FYMNF, is excited to announce the successful closure of its non-brokered private placement. Originally disclosed on October 6, this financing initiative was structured to include both flow-through units and non-flow-through units, yielding substantial gross proceeds of $1,709,890.
The placement involved the issuance of 10,633,999 flow-through units priced at $0.15 each and 883,000 non-flow-through units at $0.13.
This financial boost is aimed at enhancing the exploration efforts across the Company’s properties, particularly the SAY, JJB, and Silver Hope sites.
Table of Contents:
Details of the private placement
Each flow-through unit comprises one common share issued under the Income Tax Act (Canada) referred to as an FT Share, accompanied by half a non-flow-through common share purchase warrant, known as a Warrant. Holders of these Warrants can purchase one non-flow-through common share of the Company at an exercise price of $0.25 until October 17.
Conversely, each non-flow-through unit consists of one NFT Share and one Warrant, both featuring the same terms as those attached to the flow-through units. This arrangement not only bolsters the Company’s capital but also enhances the potential for future growth through exploration activities.
Use of proceeds
The funds raised will be allocated towards the exploration of key properties, which are pivotal for the Company’s operations. Specifically, the gross proceeds will facilitate the advancement of exploration efforts in the aforementioned properties while also providing essential working capital. The issuance of FT Shares is intended to qualify as Canadian exploration expenses and support flow-through critical mineral mining expenditures, as outlined in the Income Tax Act (Canada).
Regulatory compliance and conditions
This private placement was executed under the listed issuer financing exemption in accordance with National Instrument 45-106, specifically Part 5A, and relied on the Coordinated Blanket Order 45-935 to exempt certain conditions. The securities issued through this placement are exempt from a hold period under Canadian securities law, which will provide immediate liquidity to investors.
Finlay Minerals compensated finders for their assistance in this placement with a total of $96,550.78 in cash finder’s fees and issued 648,358 non-transferable finder warrants (also called Finder Warrants). Each of these warrants permits the holder to acquire one NFT Share at the price of $0.25 until October 17, with the Finder Warrants subject to a hold period expiring on February 18.
Important disclaimers
This press release does not serve as an offer to sell or solicit offers to buy any securities, nor is it intended for distribution in the United States or any jurisdiction where such offers would be illegal. The securities mentioned have not been registered under the United States Securities Act of 1933 and may not be sold in the United States without proper registration or an applicable exemption.
About Finlay Minerals
Finlay Minerals Ltd. is dedicated to exploring and developing deposits of base and precious metals. The Company’s portfolio includes properties such as ATTY, PIL, JJB, SAY, and Silver Hope, which are located in regions of British Columbia noted for their rich copper-gold porphyry and gold-silver epithermal targets. With a focus on advancing these properties, Finlay aims to capitalize on the potential for significant mineral discoveries.
Investors can find more information about the Company on its website at www.finlayminerals.com. The Board of Directors, led by Executive Chairman Robert F. Brown, continues to oversee the Company’s strategic direction and operational efforts.
Note: The TSX Venture Exchange and its Regulation Services Provider do not accept responsibility for the adequacy or accuracy of this release.
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