Finlay Minerals Ltd. Announces the Grant of Stock Options
VANCOUVER, July 16, 2019 /CNW/ - Finlay Minerals Ltd. (TSXV:FYL) (the "Company") announces that, pursuant to the Company's 10% Rolling Stock Option Plan (the "Plan"), as most recently re-approved by its shareholders on July 5, 2019 and accepted for filing by the TSX Venture Exchange on July 11, 2019, the Company has granted stock options exercisable for the issuance of up to 400,000 common shares of the Company (the "Stock Options") on July 16, 2019. The Stock Options are exercisable at a price of $0.05 per share for a period of five years, expiring on July 16, 2024. The Stock Options are subject to the terms of the Plan.
The Stock Options were granted to two of the seven directors of the Company as elected at the Company's Annual General Meeting on July 5, 2019. The Company does not compensate directors other than by incentive stock options.
The above-noted stock option grant brings the total number of the Company's issued and outstanding stock options to 3,900,000.
The Stock Options vest as of the date of the grant. The Stock Options and any common shares of the Company issued upon exercise of the Stock Options will be subject to a four-month resale restriction from the date of grant of the Stock Options.
About Finlay Minerals Ltd.
Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern British Columbia. The Company's properties are:
- the Silver Hope Property which includes porphyry copper-molybdenum mineralization discovered in 2010, along with three silver-copper mineralized zones, in a contiguous trend with the mined-out deposits of the former Equity Silver Mine (71 million oz. silver, 185 million lbs. copper and 508,000 oz. gold; Reference: http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001). The Silver Hope Property surrounds the former Equity Silver Mine;
- the ATTY Property which is contiguous to the north side of the Kemess East deposit and adjacent to the Kemess Underground deposit of Centerra Gold Inc. and which is currently under option to Serengeti Resources Inc. (Reference: Finlay NR 01-18 dated March 5, 2018), and
- the PIL Property, which is adjacent to Sable Resource's Baker Mine, has nine known mineralized zones including the recently discovered and expanded Pillar East gold-silver structural system. The Company is focused on the discovery of copper-gold-molybdenum porphyry systems on the PIL Property.
Qualified Person:
Warner Gruenwald, P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange. For further information and details please visit the Company's website at www.finlayminerals.com
On behalf of the Board of Directors,
Richard T. Dauphinee,
Director & CFO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Finlay Minerals Ltd.
View original content: http://www.newswire.ca/en/releases/archive/July2019/16/c6507.html