The Board of Directors of Finlay Minerals Ltd. (“The Company”) is pleased to announce the closing of a non-brokered private placement of 540,000 non-flow-through units. Each non-flow-through unit consists 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); the 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. A finder’s fee of $11,664 has been paid on this financing and 21,600 agent’s warrants (with a term of 24 months, and an exercise price of $0.45); the 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.

The private placement shares, any shares acquired upon exercise of the warrants and any securities issued on exercise of the agent’s warrant will be subject to a four-month hold period expiring July 1, 2011.

The Company continues to work on the $292,000 balance of the $1,500,000 FT Financing and the $493,400 balance of the $750,000 HD Financing announced December 20, 2010.

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 CEO

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