Finlay Minerals announces flow-through private placement financing project of up to $ 300,000

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VANCOUVER, BC, 28 October 2021 / CNW / – Finlay Minerals Ltd. (TSXV: FYL) (“Finlay“or the”Society“) is pleased to announce a non-intermediary flow-through private placement financing project for total gross proceeds of up to $ 300,000 (the “Private placement“).

The private placement will consist of up to 1,666,666 flow-through units (“FT units“), at the price of $ 0.18 per FT unit (the “Unit price FT“), each FT unit comprising one ordinary share of the Company which qualifies as a” flow-through share “within the meaning of Income Tax Act (Canada) and a Unit Voucher.

Each unit warrant will entitle its holder to acquire one additional common share of the Company (each, a “Warrant share“) at an exercise price of $ 0.25 per Share Bon for a period of twenty-four months from the closing of the Private Placement. The private placement is expected to close on or around November 15, 2021.

The Company also informs that a director of the Company has agreed to subscribe and purchase 833,333 FT shares from the Company within the framework of the private placement. The private placement will constitute a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 (“TSX-V“) and Multilateral Instrument 61-101 – Protection of holders of minority securities in particular Transactions (“MI 61-101“) because the Subscriber is a director and an insider (as defined in applicable securities laws) of the Company.

Related party transactions require formal assessment and approval by minority shareholders, unless exemptions to these requirements are available. The Company avails itself of the exemption from the formal valuation requirement in section 5.5 (b) of NI 61-101 (due to the listing of its common shares on the TSX Venture Exchange) and of the ‘exemption from the minority approval requirement in Article 5.7. (1) (b) of NI 61-101 (because neither the fair market value of the FT units to be distributed nor the consideration payable by the administrator will exceed $ 2,500,000). The Private Placement was unanimously approved by the independent directors of the Company, the subscribing director abstaining from voting.

The private placement is subject to certain conditions including, but not limited to, receipt of all necessary approvals, including approval from the TSX Venture Exchange. In addition, depending on market conditions, the Company may pay a finder’s commission on a portion of the private placement in accordance with the rules and policies of the TSX Venture Exchange.

The net proceeds of the private placement will be used to finance the continuation of the induced polarization geophysical surveys of the Equity East and Allin zones, geological mapping and sampling, as well as other core drilling on priority targets such as Equity Silver and porphyry. copper type on the Silver Hope property.

The securities offered will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States no registration or exemption from registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities of United States.

About Finlay Minerals Ltd.

Finlay is a TSX Venture Exchange company focused on exploring for base and precious metal deposits in the north British Columbia. The properties of the Company are:

  • the Hope for money The property, which surrounds the former Equity silver mine, includes the newly discovered Equity East target in 2020, porphyry copper-molybdenum mineralization discovered in 2010, as well as three silver-copper mineralized zones, in an alignment contiguous with the depleted deposits of the former Equity Silver Mine (71 million ounces of silver, 185 million pounds of copper and 508,000 oz of gold; Reference: http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001).
  • the ATTY Property that abuts the north side of the Kemess East deposit and adjacent to the Kemess Underground deposit of Centerra Gold Inc., and
  • the PIL Property adjacent to TDG Gold’s Baker mine and contiguous to AMARC Resource’s Joy property on which Freeport-McMoran has signed an option agreement with Amarc Resources.

Finlay Minerals Ltd. trades under the symbol “FYL” on the TSX Venture Exchange. For more information and details, please visit the company’s website at www.finlayminerals.com.

On behalf of the Board of Directors,

Robert F. Brown, ing.
President and 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 press release includes certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements in this press release that deal with events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical fact and are generally, but not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, ” potential “,”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would” , “could”, “could”, “should” or “could” occur. All of these forward-looking statements are based on the opinions and estimates of management as of the date on which these statements are made. The forward-looking statements contained in this press release press releases include statements regarding, among other things, the expected closing of the private placement, the expected size of the private placement, obtaining approval from the TSX Venture Exchange, the intended use of the proceeds of the private placement and the plans exploration of d properties e the Company. Although Finlay believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from these forward-looking statements. Factors that could cause actual results to differ materially from those of forward-looking statements include market prices, exploration successes and the continued availability of capital and financing, and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and government approvals, the ability of Finlay and other parties to meet the stock exchange and other requirements in a timely manner, the availability of funding for transactions and programs offered by Finlay on reasonable terms, and the ability of third party service providers to provide services in a timely manner. Investors are cautioned that these statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Finlay assumes no 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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