TORONTO, Dec. 7, 2016 /CNW/ - Treasury Metals ("Treasury
Metals" or the "Company") (TSX: TML) is pleased to announce a
non-brokered private placement issuing up to 2,739,726 flow-through
common shares ("Flow-Through Share") of the Company at a price of
C$0.73 per Flow-Through Share, for
aggregate gross proceeds of up to C$2.0 million (the "Offering").
The net proceeds of the Offering will be used for the
advancement of the Company's Goliath Gold Project and to expand the
successful exploration program including conversion of further
underground resources to Indicated category for use in future
Feasibility level mine design. The proceeds will also allow
the Company to advance into the second phase of the stated
exploration plan to drill high-priority targets directly to the
northeast of the current resource area.
Closing of the Offering is anticipated to occur on or about
December 21, 2016. Closing of the
Offering is subject to receipt of regulatory approvals, including
the acceptance of the Offering by the Toronto Stock Exchange. 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 may pay a finder's fee of 6% cash commission to
certain parties with respect to services provided in connection
with the Offering.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein in
the United States. The securities
described herein have not been and will not be registered under the
United States Securities Act of 1933, as amended, and may not be
offered or sold in the United
States or to the account or benefit of a U.S. person absent
an exemption from the registration requirements of such Act.
To view further details about the Goliath Gold Project, please
visit the Company's website at www.treasurymetals.com.
About Treasury Metals Inc.:
Treasury Metals Inc. is a gold focused exploration and
development company with assets in Canada and is listed on the Toronto Stock
Exchange ("TSX") under the symbol "TML". Treasury Metals Inc.'s
100% owned Goliath Gold Project in northwestern Ontario is slated to become one of
Canada's next producing gold
mines. With first-rate infrastructure currently in place and gold
mineralization extending to surface, Treasury Metals plans on the
initial development of an open pit gold mine to feed a 2,500 per
day processing plant with subsequent underground operations in the
latter years of the mine life. Treasury Metals is currently in the
mine permit process and working towards completion of a feasibility
study on the Goliath Gold Project.
Follow us on Twitter @TreasuryMetals
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.
SOURCE Treasury Metals Inc.