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Finlay Minerals completes acquisition of the Copper & Silver SAY Property
Finlay Minerals completes acquisition of the Copper & Silver SAY Property Finlay Mi...
About this update from Finlay Minerals Ltd.
[{"type":"text","content":"\n \n \n \n Finlay Minerals completes acquisition of the Copper & Silver SAY 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 Finlay Minerals completes acquisition of the Copper & Silver SAY Property\n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 15, 2024\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 June 26, 2024\n \n , the Company has closed its acquisition of the SAY Property from Electrum Resource Corporation (\"\n \n Electrum\n \n \"). The acquisition was completed pursuant to the terms of an agreement dated as of\n \n June 25, 2024\n \n between the Company and Electrum (the \"\n \n Purchase Agreement\n \n \"). The SAY Property is located in northern\n \n British Columbia\n \n and sits within the underexplored Bear Lake Corridor of the Stikine Terrane with American Eagle Gold Corp.'s NAK property to the south and Quartz Mountain Resource's Jake property to the north.\n \n \n \n \n \n \n \n \n \n Pursuant to the Purchase Agreement, Finlay acquired the SAY Property, which comprises 18 mineral tenures totaling approximately 10,587 hectares, for consideration consisting of\n \n CDN$50,000\n \n cash that was paid on closing (the \"\n \n Transaction\n \n \").\n \n \n The SAY Property is subject to a 1.5% 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 (0.75%) for an aggregate cash payment to Electrum in the amount of\n \n CDN$1,500,000\n \n (the \"\n \n Buy-Back Right\n \n \"). Lastly, if Finlay announces the results of, or publicly files a positive feasibility study on the SAY Property, Finlay will make an additional cash payment to Electrum of\n \n CDN$300,000\n \n .\n \n \n Electrum and Baril Developments Ltd., each of which is a private\n \n British Columbia\n \n company controlled by\n \n John A. Barakso\n \n , and\n \n Ilona B. Lindsa...