The Board of Directors of Finlay Minerals Ltd. (“The Company”) is pleased to announce a flow-through non-brokered private placement of up to $1,500,000 (the “FT Financing”). The FT Financing will consist of 4,286,000 units. Each flow-through unit would consist of 1 common share at $0.35 and one-half of one non-flow-through share purchase warrant (with a term of 24 months, and an exercise price of $0.45); warrant term will reduce to 30 days on notice that FYL has closed at not less than $0.65 cents for at least 20 consecutive trading days.
All shares and warrants shall have a maximum hold period of no more than four (4) months. The flow-through shares would entitle holders to a 100 % CEE deduction, as well as 15 % federal tax credit and BC 20 % for grass roots exploration.
Secondly the Company is pleased to announce a hard cash non-brokered private placement of up to $750,000 (the “HC Financing”). The HC Financing will consist of 2,777,778 units. Each hard cash unit would consist of 1 common share at $0.27 and one-half of one non-flow-through share purchase warrant (with a term of 24 months, and an exercise price of $0.45); warrant term will reduce to 30 days on notice that FYL has closed at not less than $0.65 cents for at least 20 consecutive trading days.
Finder’s fees will be paid on the private placement.
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.
The flow through funds will be used for further exploration on the Silver Hope project. Non-flow through funds will be used for working capital.
Recent exploration during the third quarter of 2010 discovered porphyry copper-molybdenum-silver mineralization associated with the West Horizon anomaly on the Silver Hope project.
Finlay Minerals Ltd. trades under the symbol “FYL” on the TSX Venture Exchange.
For further information and details please visit the Company website at www.finlayminerals.com
On behalf of the Board of Directors,
Robert Brown, P. Eng.,
President & C.E.O.