/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
TSX: TML
TORONTO, Nov. 21, 2019 /CNW/ - Treasury Metals
Inc. ("Treasury" or the "Company") (TSX:
TML) is pleased to announce that it has closed the
previously announced bought deal private placement (the
"Offering"), led by PI Financial Corp. including Haywood Securities
Ltd. (collectively, the "Underwriters"), and that the
over-allotment option granted to the Underwriters was exercised in
full.
Pursuant to the Offering, the Company issued 9,807,800
flow-through units (the "Flow-Through Units"), at a price per
Flow-Through Unit of $0.285 (the
"Issue Price"), for gross proceeds of C$2,795,223.
Each Flow-Through Unit is comprised of one common share of the
Company issued on a flow-through basis (a "Flow-Through Share") and
one-half of one common share purchase warrant issued on a
non-flow-through basis (each whole such warrant, a "Warrant"). Each
whole Warrant entitles the holder thereof to acquire one common
share of the Company (a "Common Share") at a price of $0.45 for a period of 24 months following the
closing of the Offering (the "Expiry Date"), which, at the
discretion of the Company, may be subject to acceleration in the
event that the closing price of the Common Shares is $0.75 or more for 20 consecutive trading
days, to a date that is 30 days following the date of delivery
of the Company's notice to exercise its right to accelerate the
Expiry Date via press release. The Flow-Through Shares qualify as
"flow-through shares" within the meaning of subsection 66(15) of
the Income Tax Act (Canada).
The gross proceeds from the sale of the Flow-Through Shares will
be used for general exploration expenditures on Treasury's
properties located in Ontario. The
exploration program will fund approximately 10,000-metre infill and
expansion drilling program with the initial 5,000 metres focused on
the C Zone Resource Area where several significant gold
intersections have been found and the additional 5,000 metres will
drill test both down dip and along strike targets identified in the
downhole IP Survey and recent mine scheduling modelling work (see
press release dated October 24,
2019).
The Offering remains subject to the final approval of the
Toronto Stock Exchange.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About Treasury Metals
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" and on the
OTCQX® Best Market under the symbol TSRMF. 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, Treasury
Metals plans on the initial development of an open pit gold mine to
feed approximately 2,500 tonne per day processing plant with
subsequent underground operations in the latter years of the mine
life. The Environmental Assessment has been completed for the
Goliath Gold Project, a major step in the permitting process.
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Forward-looking statements:
This news release contains forward-looking statements. All
statements, other than of historical facts, that address
activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future including,
without limitation, the completion of the Offering as described
herein are forward-looking statements. Forward-looking statements
are generally identifiable by use of the words "will", "should",
"continue", "expect", "anticipate", "estimate", "believe",
"intend", "to earn", "to have', "plan" or "project" or the negative
of these words or other variations on these words or comparable
terminology. Forward-looking statements are subject to a number of
risks and uncertainties, many of which are beyond the Company's
ability to control or predict, that may cause the actual results of
the Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things, failure to obtain any necessary regulatory
approvals, the termination of any agreement governing the Offering,
general business and economic conditions, changes in world gold
markets, sufficient labour and equipment being available, changes
in laws and permitting requirements, unanticipated weather changes,
title disputes and claims, environmental risks as well as
those risks identified in the Company's annual Management's
Discussion and Analysis. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described and accordingly, readers should not
place undue reliance on forward-looking statements. Although the
Company has attempted to identify important risks, uncertainties
and factors which could cause actual results to differ materially,
there may be others that cause results not to be as anticipated,
estimated or intended. The Company does not intend, and does not
assume any obligation, to update these forward-looking statements
except as otherwise required by applicable law.
SOURCE Treasury Metals Inc.