TSX: TML
TORONTO, Dec. 21, 2016 /CNW/ - Treasury Metals
("Treasury Metals" or the "Company") (TSX: TML) is
pleased to announce that the Company has closed its previously
announced private placement (the "Financing") of
flow-through common shares ("Flow-Through Shares") for
aggregate gross proceeds of $2,618,595. The Financing comprised
the issuance of 3,587,117 Flow-through Shares which were issued at
a price of $0.73 per Flow-Through
Share.
Chris Stewart, the Company's
President and Chief Executive Officer, commented, "Completion of
this financing enables Treasury Metals to accelerate the
underground resource conversion program and to further develop and
expand known gold-bearing shoots at Goliath by implementing a
significantly increased exploration program in preparation for a
Feasibility Study. Additional metres are also planned on
high-priority targets along strike east of the current resource
area."
The proceeds of the Offering will be used to incur eligible
Canadian exploration expenses on or before December 31, 2017 for the continued advancement
of the Company's Goliath Gold Project.
The Flow-Through Shares will be subject to a four-month hold
period under applicable securities laws in Canada.
The Company paid a cash commission of $65,056 in finder's fees to certain parties with
respect to services provided in connection with the
Financing.
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.