VANCOUVER, April 15 /CNW/ - The Board of Directors of Finlay Minerals Ltd. ("The Company") is pleased to announce a non-brokered private placement of a private placement of up to $640,000 (the "Financing") in addition to the private placement announced March 1, 2010. The Financing will consist of (i) 3.0 million units of common shares and common share purchase warrants ("Non-Flow Through Units"); each Non-Flow Through Unit shall be offered at $0.10 and shall consist of one common share and one half warrant; one warrant entitles the holder to acquire one share of the Company at a price equal to $0.20 for a period of two years from the closing date of the Financing; and, (ii) 2,833,333 units of flow-through shares and common share purchase warrants ("Flow Through Units"); each Flow Through Unit shall be offered at $0.12 and shall consist of one flow-through share and one half warrant; one warrant entitles the holder to acquire one share of the Company at a price equal to $0.25 for a period of two years from the closing date of the Financing.
Finder's fees may be paid on portions of the private placement.
The private placement shares, any 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.
Funds will be used starting a trenching / drilling program on two new zones at the Silver Hope project, B.C.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange. Warner Gruenwald, a Qualified Person as defined by National Instrument 43-101, is supervising the exploration program.
On behalf of the Board of Directors,
John Barakso, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
SOURCE Finlay Minerals Ltd.
For further information: For further information: and details please visit the Company website at www.finlayminerals.com