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Finlay Minerals enlarges its ATTY Property with the Acquisition of the ATG Property
Finlay Minerals enlarges its ATTY Property with the Acquisition of the ATG Property ...
About this update from Finlay Minerals Ltd.
[{"type":"text","content":"\n \n \n \n Finlay Minerals enlarges its ATTY Property with the Acquisition of the ATG 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 July 11, 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 it has entered into an agreement (the \"\n \n Purchase Agreement\n \n \") for the purchase of the ATG Property from Electrum Resource Corporation (\"\n \n Electrum\n \n \"), which will enlarge Finlay's ATTY Property. The ATTY Property, which was purchased from Electrum in 1999, and the ATG Property are located in the Toodoggone Mining District of\n \n British Columbia\n \n and are neighboured, to the south by Centerra Gold Inc.'s Kemess Underground and 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 will acquire 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 is currently 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 \"\n \n Buy-Back Right\n \n \"). Upon completion of the Transaction, the NSR Royalty will apply over the Combined Property (as defined below) and, pursuant to the terms of the Purchase Agreement, the Buy-Back Right will be amended such that Finlay will retain 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 $1,500,000\n \n .\n \n \n The ATG Property is strategically positioned south of...