VANCOUVER, June 17, 2013 /CNW/ - Finlay Minerals Ltd. (TSXV:FYL) (the "Company") is pleased to announce the closing of a flow-through,
non-brokered private placement financing through the sale of 1,262,000
units at $0.08 per unit (FT Financing) for proceeds of $100,960. Each
FT unit consists of 1 common share at $0.08 and one-half (1/2) of one
non-flow-through share purchase warrant. Each warrant is exercisable
for 24 months at an exercise price of $0.15 per share. The warrant term
will reduce to 30 days on notice that the Company's shares have closed
at not less than $0.65 cents for at least 20 consecutive trading days.
The Company is further pleased to announce the closing of a
non-flow-through, non-brokered private placement financing through the
sale of 1,713,000 units at $0.06 per unit for proceeds of $102,780 (HC
Financing). Each HC unit consists of 1 common share at $0.06 and
one-half (1/2) of one non-flow-through share purchase warrant. Each
warrant is exercisable for 24 months at an exercise price of $0.15 per
share. The warrant term will reduce to 30 days on notice that the
Company's shares have closed at not less than $0.65 cents for at least
20 consecutive trading days.
Both the FT and HC financing units will have a four month hold period
expiring October 15, 2013.
The flow-through funds will be used for ground survey work of the Silver
Hope property and specifically, the three new ZTEM-identified targets;
non-flow through funds will be used for working capital.
The 2012 ZTEM airborne survey of the Silver Hope Property was the first
property-wide survey conducted. The next logical exploration step is
a ground survey of the property which can then be overlaid on the ZTEM
survey data helping to define and hone the next set of drill targets.
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,
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 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:
Corporate Information Investor Inquiries
Finlay Minerals Ltd.
John Barakso, Chairman of the Board