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FINLAY MINERALS RECEIVES TSX VENTURE EXCHANGE APPROVAL FOR PIL EARN-IN AGREEMENT
FINLAY MINERALS RECEIVES TSX VENTURE EXCHANGE APPROVAL FOR PIL EARN-IN
About this update from Finlay Minerals Ltd.
[{"type":"text","content":"Vancouver, BC - Finlay Minerals Ltd. (TSXV: FYL | OTCQB: FYMNF) ('Finlay' or the 'Company') is pleased to announce the receipt of TSX Venture Exchange (the 'Exchange') conditional acceptance for its previously announced earn-in agreement (the 'PIL Earn-In Agreement') with Freeport-McMoRan Mineral Properties Canada Inc. ('Freeport'), a wholly owned subsidiary of Freeport-McMoRan Inc. (NYSE:FCX) relating to its PIL property ('PIL Property').\nThe PIL Property consists of 50 mineral claims in the Toodoggone District of northern British Columbia. The Company also entered into an earn-in agreement (the 'ATTY Earn-In Agreement') with Freeport relating to its ATTY property (the 'ATTY Property', together with the PIL Property, the 'Properties'). The ATTY Earn-In Agreement is not subject to Exchange approval, as it qualifies as an 'Exempt Transaction' under Exchange Policy 5.3 - Acquisitions and Dispositions of Non-Cash Assets. The PIL and ATTY earn-in agreements are arm's length transactions, and no finder's fees are payable in connection with either earn-in agreement.\nPursuant to the PIL Earn-In Agreement, Freeport may acquire an 80% interest in the PIL Property by making aggregate cash payments of CAD $3,000,000 to Finlay and completing an aggregate of $25,000,000 of exploration expenditures on the PIL Property over a 6-year period. Pursuant to the ATTY Earn-In Agreement, Freeport may acquire an 80% interest in the ATTY Property by making aggregate cash payments of CAD $1,100,000 to Finlay and completing an aggregate of $10,000,000 of exploration expenditures on the ATTY Property over a 6-year period. The earn-in in respect of each of the Properties may be exercised separately, and the full details of the exercise requirements for each earn-in are set out in the table below. Following the completion of the earn-in on either of the Properties, Freeport and Finlay will respectively hold interests of 80% and 20% in such Property, and a joint venture company will be formed for further exploration and development. In the event that a party does not fund their portion of further joint venture programs, their interests in the joint venture company will dilute. Any party that dilutes to below a 10% interest in the joint venture company will exchange its joint venture company interest for a net smelter returns ('NSR') royalty of 1% on the app...