VANCOUVER, Oct. 8, 2014 /CNW/ - Finlay Minerals Ltd. (TSXV:FYL) (the "Company") is pleased to announce the closing of a private placement financing of a total of 3,916,667 units through the sale of 2,916,667 flow-through units at $0.06 per unit for proceeds of $175,000 and 1,000,000 non-flow-through units at $0.05 for proceeds of $50,000; total proceeds are $225,000. Each unit consists of one common share and one-half share purchase warrant. Each warrant is exercisable until October 7, 2016 at an exercise price of $0.10 per share.
The units will have a four month hold period expiring February 8, 2015.
The warrant terms will reduce to 30 days if the Company's shares close on the TSX Venture Exchange four months after the date of issue for 20 consecutive trading days at a price of $0.40 per share or higher during the exercise period. The Company may accelerate the warrant expiry time to 30 calendar days from the date that express written notice is provided to the holder by way of registered mail.
A finder's fee of $3,300 has been paid.
The funds will be used for conducting a 1,200m drill program on the Silver Hope Property as well as working capital.
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 Mine (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, Tel: 604-684-3099, [email protected]