Finlay Minerals closes $1.7-million private placement

Executive Summary

• Finlay Minerals Ltd. has closed a non-brokered private placement of flow-through and non-flow-through units, raising aggregate gross proceeds of $1,709,890.
• The issuance included 10,633,999 flow-through units priced at 15 cents each and 883,000 non-flow-through units priced at 13 cents each.
• Proceeds are designated for the exploration of the company's Say, JJB, and Silver Hope properties, as well as for general working capital purposes.

Key Details

• Flow-Through Units: 10,633,999 units issued at a price of $0.15 per unit.
• Non-Flow-Through Units: 883,000 units issued at a price of $0.13 per unit.
• Aggregate Gross Proceeds: $1,709,890.
• Flow-Through Unit Composition: Each unit consists of one common share issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one non-flow-through common share purchase warrant.
• Warrant Terms (Flow-Through): Each warrant is exercisable to acquire one non-flow-through common share at an exercise price of $0.25 per share.
• Warrant Expiration: The warrants expire on October 17, 2027.
• Non-Flow-Through Unit Composition: Each unit comprises one non-flow-through share and one warrant with identical terms to the warrants underlying the flow-through units.
• Use of Proceeds: Exploration of the Say, JJB, and Silver Hope properties and general working capital. Specifically, proceeds from flow-through shares will be used to incur Canadian exploration expenses and qualify as flow-through critical mineral mining expenditures.
• Regulatory Basis: Conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 and in reliance on the Coordinated Blanket Order 45-935.
• Hold Period: Securities issued to purchasers are not subject to a hold period under applicable Canadian securities laws.
• Finder’s Fees: Aggregate cash finders' fees of $96,550.78 were paid.
• Finder Warrants: 648,358 non-transferable finder warrants were issued to arm's-length finders.
• Finder Warrant Terms: Each finder warrant entitles the holder to purchase one non-flow-through share at an exercise price of $0.25 per share until October 17, 2027.
• Finder Warrant Hold Period: Subject to a hold period expiring on February 18, 2026.
• Exchange Approval: The private placement is subject to final approval of the TSX Venture Exchange.