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.
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