The Board of Directors of Finlay Minerals Ltd. (TSXV:FYL) (“The Company”) is pleased to announce the closing of a fully subscribed, non-brokered private placement of $157,500 through the sale of 3,000,000 units at $0.0525 per unit. Each unit consists of one common share and one share purchase warrant with a term of 60 months and an exercise price of $0.10 until February 7, 2017.
The Units will have a hold period expiring June 8, 2012.
Funds will be used toward continuing geophysics work on the Silver Hope Property in B.C. and working capital.
Finlay Minerals Ltd. trades under the symbol “FYL” on the TSX Venture Exchange. Warner Gruenwald, a Qualified Person as defined by National Instrument 43-101, is supervising the exploration program.
For further information and details please visit the Company website at www.finlayminerals.com. Also look for Company’s display (Booth 5017) at the PDAC Core Shack in Toronto, March 6 and 7, 2012.
About Finlay Minerals Ltd.
Finlay Minerals is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in central British Columbia. In addition to the company’s flagship property – the Silver Hope, the Pil and Atty Properties are situated in the Toodoggone region, a mineral-rich area that is host to several copper-gold porphyry and epithermal gold-silver deposits. Discoveries on the Pil Property include the Northwest Zone copper-molybdenum porphyry mineralization and the Atlas East/Pillar East epithermal gold-silver zones.
On behalf of the Board of Directors,
Robert Brown, P. Eng.
President & C.E.O.
For further information, contact:
Finlay Minerals Ltd.
John J. Barakso, Director
Tel: (604) 684-3099
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 events or otherwise, except as required by applicable law.