VANCOUVER, April 12 /CNW/ - The Board of Directors of Finlay Minerals Ltd. ("The Company") is pleased to announce the closing of a non-brokered private placement of $1,000,000 through the sale of 4,347,824 flow-through units at $0.23 per unit with the MineralFields Group. Each flow-through unit consists of 1 flow-through common share, and one non-flow-through share purchase warrant (with a term of 24 months, and an exercise price of $0.35 until April 10, 2008 and $0.50 until April 10, 2009.
Limited Market Dealer Inc. will be paid a finder's fee in the amount of 4% in the form of 173,913 non-flow through shares and an Agent's Option consisting of 347,826 Units exercisable for two years at $0.20 per Unit with each Unit consisting of 347,826 non flow-through shares and 347,826 warrants with each warrant exercisable to acquire one non flow-through share in yr 1 at $0.35 and at $0.50 in year 2.
The Units and the finder's shares will have a hold period expiring August 12, 2007.
We are very pleased to be entering into this relationship with the MineralFields Group. This is an important milestone in the growth of the Company and we look foward to working with the MineralFields Group as we develop the Silver Hope and Pil North properties, B.C.
About MineralFields and Pathway
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralField Group is available at www.mineralfields.com
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange. Warner Gruenwald, a Qualified Person as defined by National Instrument 43-101, is supervising the exploration program.
For further information and details please visit the Company website at www.finlayminerals.com
On behalf of the Board of Directors,
John Barakso
John Barakso, Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.