$234,000 Private Placement Closes
FINLAY MINERALS LTD.
NEWS RELEASE
$234,000 Private Placement Closes
News Release 05-10
October 7, 2010
The Board of Directors of Finlay Minerals Ltd. ("The Company") is pleased to announce the closing of a non-brokered private placement of $234,000 (the “Financing”) through the sale of 1,200,000 flow-through units (“FT Units”) at $0.12 each and 900,000 non-flow-through units (“NFT Units”) at $0.10 each. Each FT Unit will consist of 1 common share, and one-half of one non-flow-through share purchase warrant with whole warrants exercisable until October 7, 2012 at an exercise price of $0.25 to purchase one common share. Each NFT Unit will consist of 1 common share, and one-half of one non-flow-through share purchase warrant with whole warrants exercisable until October 7, 2012 at an exercise price of $0.20 to purchase one common share.
The private placement shares and any shares acquired upon exercise of the warrants will be subject to a four-month hold period expiring February 8, 2011.
The Flow through Funds will be used to conduct CEE eligible exploration on two new zones on the Silver Hope project, in B.C.
The Company is still working on the $406,000 balance of its $640,000 Financing announced April 15, 2010 which will consist of (i) 3.0 million units of common shares and common share purchase warrants (“Non-Flow Through Units”); each Non-Flow Through Unit shall be offered at $0.10 and shall consist of one common share and one half warrant; one warrant entitles the holder to acquire one share of the Company at a price equal to $0.20 for a period of two years from the closing date of the Financing; and, (ii) 2,833,333 units of flow-through shares and common share purchase warrants (“Flow Through Units”); each Flow Through Unit shall be offered at $0.12 and shall consist of one flow-through share and one half warrant; one warrant entitles the holder to acquire one share of the Company at a price equal to $0.25 for a period of two years from the closing date of the Financing.
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,
Robert Brown, President & C.E.O.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
912 – 510 WEST HASTINGS ST, VANCOUVER, B.C., CANADA, V6C 3B6.
TELEPHONE: 604-684-3099; FAX: 604-684-3098