/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 18, 2021 /CNW/ - Finlay Minerals Ltd.
(TSXV: FYL) ("Finlay" or the "Company") is pleased to
announce that, further to the Company's news releases dated
October 28, 2021 and November 8, 2021, the Company has closed, subject
to receipt of final approval from the TSX Venture Exchange
("TSX-V"), its private placement financing for total
proceeds of $328,039.79 (the
"Private Placement").
The Private Placement consisted of the issuance of a total of
2,523,383 units (each, a "FT Unit"), at a price of
$0.13 per FT Unit, with each FT Unit
comprising one common share of the Company which qualifies as a
"flow-through share" within the meaning of the Income Tax
Act (Canada) and one common
share purchase warrant (each, a "Unit Warrant"). Each Unit
Warrant entitles the holder thereof to acquire one additional
common share of the Company (each, a "Warrant Share") at an
exercise price of $0.20 per Warrant
Share for a period of two years from the closing of the Private
Placement.
All securities issued under the Private Placement are subject to
a four-month hold period expiring on March
19, 2022. In connection with the Private Placement,
the Company paid cash finder's fees of $842.40 to Canaccord Genuity Corp.
The Company expects to use the proceeds raised from the Private
Placement to continue its work on the Equity East and Allin Zones
on its Silver Hope Property - improving road access and conducting
in-fill induced polarization geophysics for drill target
delineation.
In connection with the Private Placement, Dr. John A. Barakso ("Dr. Barakso"), a
director of the Company, purchased a total of 1,153,846 FT
Units. The issuance of such FT units to Dr. Barakso
constitutes a "related party transaction" within the meaning of
Policy 5.9 of the TSX-V and Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions ("MI 61-101") as a result of Dr. Barakso
being a director and an insider (as defined under applicable
securities laws) of the Company. The Company is relying on
the exemption from the formal valuation requirement in section
5.5(b) of MI 61-101 (as a result of its common shares being listed
on the TSX-V) and the exemption from the minority approval
requirement in section 5.7(1)(b) of MI 61-101 (as neither the fair
market value of the FT Units distributed to Dr. Barakso pursuant to
the Private Placement, nor the consideration paid by Dr. Barakso,
exceeded $2,500,000).
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
are:
- the Silver Hope Property, which surrounds the
former Equity Silver Mine, includes the 2020 newly discovered
Equity East target, 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 Mine (71 million oz. silver, 185 million lbs. copper and
508,000 oz. gold; Reference:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001).
- the ATTY Property which is contiguous to the
north side of the Kemess East deposit and adjacent to the Kemess
Underground deposit of Centerra Gold Inc., and
- the PIL Property, which is adjacent to TDG Gold's
Baker Mine and contiguous with AMARC Resource's Joy property on
which Freeport-McMoran has signed an option agreement with Amarc
Resources.
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, P. Eng.
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, among others, the receipt of final approval
from the TSX Venture Exchange, the expected use of proceeds from
the Private Placement and the exploration plans for the Company's
properties. 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.