VANCOUVER, BC, Aug. 2, 2021
/CNW/ - John Barakso announced today that, as a result of the
previously announced private placement financing of Finlay Minerals
Ltd. ("Finlay") that closed on July
9, 2021 (the "Financing"), his subsequent exercise of
stock options to acquire 350,000 common shares of Finlay
("Shares") on July 13, 2021
for an aggregate exercise price of $17,500 and, indirectly through Baril
Developments Ltd., a private company controlled by Mr. Barakso
("Baril"), his acquisition of 1,358,332 Shares on
July 31, 2021 pursuant to the
exercise of share purchase warrants for an aggregate exercise price
of $135,833.20, Mr. Barakso's
holdings were reduced on a fully-diluted basis from 60.30% prior to
the Financing to 41.30%.
Mr. Barakso had made no changes to his direct or indirect
holdings since his last Early Warning Report, dated December 20, 2019, and did not participate in the
Financing. Pursuant to the Financing, Finlay issued 26,444,748
Shares, 26,676,748 warrants and 3,022,646 agent's options. As a
result of the Financing, Mr. Barakso's direct and indirect holdings
were reduced from 58.30% on a non-diluted basis to 45.42%
subsequent to the Financing; Mr. Barakso's direct and indirect
holdings were reduced on a fully-diluted basis from 60.30% prior to
the financing to 41.30% subsequent to the financing.
Immediately prior to the exercise of the stock options on
July 13, 2021, (a) Mr. Barakso,
directly and indirectly through Baril, Electrum Resource
Corporation, a private company controlled by Mr. Barakso
("Electrum") and the John Barakso Alter Ego Trust, a trust
controlled by Mr. Barakso (the "Trust"),
held 54,871,753 Shares, representing approximately 45.42% of
the then total issued and outstanding Shares on a non-diluted
basis; (b) assuming the exercise in full of all of the convertible
securities of Finlay held directly or indirectly through Baril,
Electrum and the Trust by Mr. Barakso, Mr. Barakso would have held,
directly and indirectly, 69,973,835 Shares, representing
approximately 41.30% of the then total issued and outstanding
Shares of Finlay on a fully-diluted basis.
Immediately following the exercise of warrants on July 31, 2021, (a) Mr. Barakso holds, directly
and indirectly through Baril, Electrum and the Trust, 56,580,085
Shares, representing approximately 45.99% of the total issued and
outstanding Shares on a non-diluted basis; (b) assuming the
exercise in full of all of the convertible securities of Finlay
held directly or indirectly through Baril, Electrum and the Trust
by Mr. Barakso, Mr. Barakso would hold, directly and indirectly,
69,973,835 Shares, representing approximately 41.30% of the total
issued and outstanding Shares on a fully-diluted basis; (c) Baril
holds 29,436,051 Shares, representing approximately 23.93% of the
issued and outstanding Shares on a non-diluted basis; and
(d) assuming the exercise in full of all of the convertible
securities of Finlay held by Baril, Baril would hold 39,436,051
Shares, representing approximately 23.28% of the total issued and
outstanding Shares on a fully-diluted basis.
In the future, Mr. Barakso may, directly or indirectly, acquire
additional Shares or other securities of Finlay or dispose of such
shares and/or securities subject to a number of factors, including,
without limitation, general market and economic conditions and
other investment and business opportunities available.
Baril is organized under the laws of the province of
British Columbia. Its principal
business is that of a holding company. Mr. Barakso and Baril have
an address of 920 Leovista Avenue, North
Vancouver, BC V7R 1R2.
A copy of the Early Warning Report to which this press release
relates can be obtained from Ilona
Lindsay at 604-684-3099 or on the SEDAR profile of Finlay
Minerals Ltd. at www.sedar.com. Finlay's head office is located at
Suite # 615 – 800 West Pender Street, Vancouver, BC V6C 2V6.
SOURCE Finlay Minerals Ltd.