Treasury Metals Announces Closing of Private Placement
06 Dicembre 2011 - 2:55PM
Marketwired
Treasury Metals Inc. ("Treasury Metals" or the "Company") (TSX:TML)
is pleased to announce that it has closed its previously announced
brokered private placement (the "Offering"), led by Cormark
Securities Inc. and Canaccord Genuity Corp. and including Raymond
James Ltd. (the "Agents"). The Offering consisted of 3,521,073
flow-through common shares (the "Flow-Through Shares") of the
Company at a price of $1.15 per Flow-Through Share, for aggregate
gross proceeds of approximately $4.0 million.
The net proceeds of the financing will be used to incur eligible
Canadian Exploration Expenses and flow-through mining expenditures,
as defined under the Income Tax Act (Canada), that will be
renounced in favour of the purchasers with an effective date of no
later than December 31, 2011. The funds are intended to be used to
explore and advance Treasury Metals' gold projects located in the
Kenora Mining District of northwestern Ontario.
The Company paid the Agents a cash commission equal to 6% of the
gross proceeds of the Offering and issued the Agents compensation
options ("Compensation Options") equal to 3% of the aggregate
number of Flow-Through Shares subscribed for under the Offering.
Each Compensation Option entitles the holder thereof to purchase
one common share of the Company at a price of $1.15 (subject to
adjustment) until December 6, 2013.
For additional information on Treasury Metals, please visit the
Company's website at www.treasurymetals.com.
Forward-looking Statements
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expect, are
forward-looking statements. Actual results or developments may
differ materially from those in 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.
Contacts: Treasury Metals Inc. Greg Ferron Vice President
Corporate Development 1.416.214.4654greg@treasurymetals.com
Treasury Metals Inc. Martin Walter CEO
1.416.214.4654martin@treasurymetals.comwww.treasurymetals.com
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