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Finlay Minerals completes Acquisition of the ATG Property expanding the ATTY Property
Finlay Minerals completes Acquisition of the ATG Property expanding the ATTY Property ...
About this update from Finlay Minerals Ltd.
[{"type":"text","content":"\n \n \n \n Finlay Minerals completes Acquisition of the ATG Property expanding the ATTY Property\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 26, 2022\n \n \n /CNW/ -\n \n Finlay Minerals Ltd.\n \n (TSXV: FYL) (OTCQB: FYMNF) (\"\n \n Finlay\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that, further to its news release issued on\n \n July 11, 2022\n \n , the Company has today closed its acquisition of the ATG Property from Electrum Resource Corporation (\"\n \n Electrum\n \n \"), expanding Finlay's ATTY Property. The acquisition was completed pursuant to the terms of an agreement dated as of\n \n July 11, 2022\n \n between the Company and Electrum (the \"\n \n Purchase Agreement\n \n \"). The ATTY Property, which was purchased from Electrum in 1999, and the ATG Property are contiguous and located in the Toodoggone Mining District of\n \n British Columbia\n \n ; they are neighboured, to the south by Centerra Gold Inc.'s Kemess Underground and Kemess East copper (Cu) – gold (Au) porphyry deposits, and to the north by Amarc Resources – Freeport McMoRan's Joy property.\n \n \n Pursuant to the Purchase Agreement, Finlay acquired the ATG Property, which comprises three mineral tenures totaling approximately 1,105 hectares, for consideration consisting of 1,750,000 fully paid common shares of Finlay with a deemed value of\n \n $0.08\n \n per share, for a deemed total value of\n \n $140,000\n \n (the \"\n \n Transaction\n \n \").\n \n \n The ATTY Property was subject to a 3% net smelter return royalty held by Electrum (the \"\n \n NSR Royalty\n \n \"), with Finlay retaining the right to buy back one-half of the NSR Royalty (1.5%) for an aggregate payment to Electrum in the amount of\n \n $1,000,000\n \n (the \"Buy-Back Right\"). As a result of the Transaction, the NSR Royalty applies over the Combined Property (as defined below) and, pursuant to the terms of the Purchase Agreement, the\n \n Buy-Back Right\n \n has been amended such that Finlay retains...