VANCOUVER, April 12, 2016 /CNW/ - Finlay Minerals Ltd. (TSXV:FYL) ("The Company") ") is pleased to announce the closing of a private placement financing of a total of 5,857,143 units at $0.035 per unit for proceeds of $205,000. Each unit consists of one common share and one-half share purchase warrant. Each warrant is exercisable until April 12, 2018 at an exercise price of $0.05 per share. The warrant term will reduce to 30 days on notice that FYL has closed at not less than $0.40 cents for at least 20 consecutive trading days.
The units will have a four month hold period expiring August 12, 2016.
The funds will be used for working capital. Related parties to the Company are anticipated to receive payments from the financing for legal fees of $17,000, geological fees of $15,000 and Office administration of $14,400 during the 24 month period after the closing of the private placement financing.
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.
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
About Finlay Minerals Ltd.
Finlay Minerals is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern British Columbia. The company's flagship property, Silver Hope, 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).
On behalf of the Board of Directors,
John J. Barakso,
Chairman of the Board
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 release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Finlay Minerals Ltd. ("Finlay") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. 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 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 for the transactions described herein, 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.
For further information: Finlay Minerals Ltd., John Barakso, Chairman of the Board, Tel: 604-684-3099, firstname.lastname@example.org