TSX:TML
TORONTO, Dec. 9, 2016 /CNW/ - Treasury Metals ("Treasury
Metals" or the "Company") (TSX: TML) is pleased to announce that
due to strong investor demand, the Company has increased its
previously announced non-brokered private placement of flow-through
common shares from $2 million
in aggregate gross proceeds to $2.5
million in aggregate gross proceeds (the "Offering"). All
other terms and conditions of the Offering remain unchanged from
the Company's initial announcement on December 7, 2016.
The $2.5 million gross 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. Additionally, proceeds from the Offering will also
allow the Company to advance into the second phase of its
current exploration program. The Phase II drilling program will
focus on high-priority exploration targets directly to the
northeast of the current resource area.
The Offering is expected to close 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 common 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.