TORONTO, Dec. 16, 2014 /CNW/ – Treasury Metals Inc. (TSX:TML) is pleased to announce that it has closed a non-brokered private placement of 2,000,000 flow-through common shares at an issue price of $0.40 per share for aggregate gross proceeds of $800,000 (the “Offering”).
Treasury Metals intends to use the net proceeds of the Offering for the advancement of the Company’s Goliath Gold Project in Northwestern Ontario.
“The recently commenced second phase of definition drilling is well under way with results starting shortly in the New Year beginning with the Western portion of the main resource area,” said Martin Walter, Treasury Metals’ President and Chief Executive Officer. “The in-fill definition drilling program will lead to an updated resource estimate and exploration activities with continue targeting the recently discovered shallow high-grade areas outside of the resource.”
The flow-through shares issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada.
The Company paid a finder’s fee of 7% cash commission to certain parties with respect to services provided in connection with the Offering which included Secutor Capital Management Corp.
About Treasury Metals Inc.:
Treasury Metals Inc. is a Toronto-based, TSX-listed mining exploration and development company developing and permitting the Goliath Gold Project located in Northwestern Ontario. The Company’s flagship Goliath Gold Project is a high-grade gold resource that demonstrates strong market fundamentals, access to excellent infrastructure and a skilled local workforce. Treasury Metals has commenced the mine permitting process at its solely owned project with the vision of a combination of surface and underground mining methods and one of four projects advanced to the permitting stage in the province. Established in 2008, Treasury Metals operates corporate headquarters in Toronto and a project office at the Goliath Gold Project.
To view further details about the Goliath Gold Project, please visit the Company’s website at www.treasurymetals.com.
Forward-looking Statements
This press release contains forward-looking statements such as the expected use of the net proceeds from the private placement, our future financial condition, business plans and objectives, results of operations and business. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance or events and involve risks and uncertainties that are difficult to predict and may be beyond Treasury Metals’ control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth herein and in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Treasury Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
SOURCE Treasury Metals Inc.
Martin Walter, President and Chief Executive Officer, T: 1.416.214.4654, martin@treasurymetals.com; Greg Ferron, Vice President, Corporate Development, T: 1.416.214.4654, greg@treasurymetals.comCopyright CNW Group 2014
Source: Canada Newswire (December 16, 2014 – 1:47 PM EST)
