07:07 AM EDT, 06/10/2025 (MT Newswires) -- Finlay Minerals ( FYMNF ) late on Monday said it has closed a non-brokered private placement of flow-through common shares and non-flow-through units for total proceeds of approximately $1.7 million.

The private placement consisted of 11.2 million common shares issued on a flow-through basis at $0.11 apiece and 4.4 million non-flow-through units at $0.10 apiece.

Each unit was composed of one non-flow-through common share and one non-flow-through common share purchase warrant exercisable by the holder to acquire one non-flow-through share at an exercise price of $0.20 per share until June 9, 2027.

Proceeds from the private placement will be used for exploration of the company's SAY, JJB and Silver Hope properties, as well as for general working capital purposes. Proceeds from the issuance of flow-through shares will be used to incur "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures."