Mr. Robert Brown reports
FINLAY MINERALS ANNOUNCES AN APPLICATION TO EXTEND WARRANTS
Finlay Minerals Ltd. is applying to the TSX Venture Exchange to extend the term of 2,523,383 warrants with an exercise price of 20 cents and expiring on Nov. 18, 2023, issued under its private placement completed on Nov. 18, 2021. See the company's press release dated Nov. 18, 2021 (available on SEDAR+), for more information regarding the private placement.
The Company is applying to amend the Warrants to extend the expiry date from November 18, 2023 to November 18, 2026. The foregoing amendments are subject to regulatory acceptance by the Exchange. The exercise price of $0.20 and all other terms of the Warrants will remain unchanged for the extended exercise period.
The Company further reports that 1,153,846 of the 2,523,383 warrants are held by an insider and director of the Company. As such, the extension of such Warrants constitutes, to that extent, a "related party transaction" within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Shareholders ("MI 61-101"). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 (and Exchange Policy 5.9), as the fair market value of the Warrants held by the insider does not exceed 25% of the market capitalization of the Company.
About Finlay Minerals Ltd.
Finlay is a TSXV company focused on exploration for base and precious metal deposits in northern British Columbia.
Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com
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