TSX:TML
TORONTO, Nov. 24, 2016 /CNW/ - Treasury Metals Inc.
(TSX:TML)("Treasury") and Goldeye Explorations Limited
(TSXV:GGY)("Goldeye") are pleased to announce the completion
of the previously announced plan of arrangement (the
"Arrangement"), which was approved by the shareholders of
Goldeye at a special meeting held on November 15, 2016. On November 18, 2016, a final order was obtained
from the Ontario Superior Court of Justice approving the Plan of
Arrangement and a Certificate and Articles of Arrangement were
issued by the Ministry of Government Services. The TSX Venture
Exchange gave final approval today to the Plan of Arrangement and
the de-listing of the shares of Goldeye.
The acquisition provides Treasury with a second high-quality
asset, the Weebigee Project, in Northwestern Ontario. Treasury shareholders
will benefit from the newly acquired assets and the advancement of
Treasury's flagship Goliath Gold Project towards production.
Effective upon closing of the Arrangement, Goldeye has become a
wholly owned subsidiary of Treasury and all of the issued and
outstanding common shares of Goldeye ("Goldeye Shares") were
acquired by Treasury. Under the Arrangement, each shareholder of
Goldeye received 0.10 of one common share of Treasury (a
"Treasury Share") in exchange for each Goldeye Share held
(the "Exchange Ratio"). In connection with the closing of
the Arrangement, Treasury has issued an aggregate of 5,058,859
Treasury Shares to the former shareholders of Goldeye. As a result,
Treasury has 99,491,974 Treasury Shares issued and outstanding,
with former Goldeye shareholders holding approximately 5% on an
undiluted basis.
Pursuant to the terms of the Arrangement, all of the outstanding
stock options of Goldeye (the "Outstanding Options") which
were not duly exercised prior to the closing of the Arrangement,
will remain outstanding and any options of Goldeye which were
unvested at the time of closing the Arrangement (the "Unvested
Options"), automatically vest at the closing of the Arrangement
(collectively, the "Outstanding Options" and the "Unvested Options"
shall be referred to herein as the "Goldeye Options"). Under
the terms of the Arrangement, the expiration of the Goldeye Options
will be the earlier of the expiration as provided in each Goldeye
Option or 90 days from the closing of the Arrangement.
In addition, at the closing of the Arrangement, each warrant to
acquire a Goldeye Share (a "Goldeye Warrant") which was
outstanding and which was not duly exercised prior to the closing
of the Arrangement, will remain outstanding pursuant to its terms
and upon the exercise of a Goldeye Warrant, each warrant holder
thereof will be entitled to receive in accordance with the
reorganization terms of the Goldeye Warrants, the number of
Treasury Shares (rounded down to the nearest whole) equal to: (i)
the Exchange Ratio multiplied by (ii) the number of Goldeye Shares
subject to each Goldeye Warrant immediately prior to closing the
Arrangement. As a result, Treasury has authorized the issuance of
up to an additional 456,780 Treasury Shares upon the exercise of
Goldeye Options and Goldeye Warrants, respectively.
The Goldeye shares are expected to be de-listed from the TSX
Venture Exchange on or about November 25,
2016. Under the terms of the Arrangement, in order to
receive Treasury Shares in exchange for Goldeye Shares, registered
shareholders of Goldeye are required to complete, sign, date and
return the Letter of Transmittal that was mailed to each registered
shareholder in accordance with the instructions contained in Letter
of Transmittal, which is also available under Goldeye's issuer
profile on SEDAR at www.sedar.com.
To learn more about Treasury Metals, please visit the Company's
website at www.treasurymetals.com.
About Treasury Metals Inc.
Treasury Metals Inc. is a
Canadian gold exploration and development company focused on its
100% owned Goliath Gold Project. The Project has access to first
rate infrastructure and is located near Dryden in Northwestern Ontario. Treasury Metals is
advancing Goliath through the Canadian permitting process for
mining production at its open-pit gold mine and 2,500 tpd
processing facility. Subsequent underground operations will be
developed in the latter years of mine life. Established in 2008,
Treasury Metals operates corporate headquarters in Toronto and a Project Office at the Goliath
Gold Project. Treasury Metals is listed on the Toronto Stock
Exchange under the trading symbol "TML" (TSX: TML).
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 Treasury 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.
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
and/or accuracy of this release.
SOURCE Treasury Metals Inc.