NEXG.V · 2019-06-07 12:00:00

Treasury Metals Announces Closing of Equity Financing for Proceeds of $3.5 Million

Financings

Treasury Metals Announces Closing of Equity

Financing for Proceeds of $3.5 Million

/NOT FOR DISTRIBUTION TO

UNITED STATES

NEWS WIRE SERVICES OR FOR

DISSEMINATION IN

THE UNITED STATES

TSX:TML

TORONTO

June 7, 2019

/CNW/ -

Treasury Metals Inc.

(TSX: TML "

Treasury Metals

" or the

Company

") is pleased to announce that on

June 6, 2019

(the "

Closing Date

") it closed concurrent

non-brokered private placements. The first private placement was units ("

Units

") comprised of one

common share of the Company (each, a "

Common Share

") and a Common Share purchase warrant

(each, a "

Warrant

") for gross proceeds of

$2,134,620.96

(the "

Offering

"). The second private

placement was flow-through units ("

Flow-Through Units

") comprised of one flow-through Common

Share (each, a "

Flow-Through

") and one half Common Share purchase warrant (each, a

Flow-Through Warrant

") for proceeds of

$1,371,500

(the "

Flow-Through Offering

") for

aggregate gross proceeds from both offerings of

$3,506,120.96

Under the Offering, 8,894,254 Units were sold at a price of

$0.24

per Unit. Each Warrant comprised

in the Units is exercisable for one Common Share at a price of

$0.32

for a period of 48 months from

the Closing Date.

Under the Flow-Through Offering, 5,486,000 Flow-Through Units were sold at a price of

$0.25

per

Flow-Through Unit. Each full Flow-Through Warrant is exercisable for one Common Share at a price

$0.35

for a period of 24 months from the Closing Date and, at the discretion of the Company,

may be subject to acceleration and called prior to the expiry date in the event that the closing price

of the Common Shares is

$0.50

or more for twenty consecutive trading days.

The net proceeds of the Offering will be used for the advancement of the Company's Goliath Gold

Project and for general corporate purposes.

In certain cases, 6% finders fees and 6% finders warrants ("Finders Warrants") were issued to

eligible finders ("Finders") who introduced subscribers to the Company under the Offering. The

Finders Warrants under the Offering have the same terms as the Warrants, but exercisable for a

period of 24 months from the Closing Date, and subject to acceleration at the option of the Company

prior to the expiry date in the event that the closing price of the Common Shares is

$0.50

or more

for twenty consecutive trading days. The Flow-Through Finders Warrants have the same terms as

the Flow-Through Warrants.

The net proceeds from the Flow-Through Offering will be used by the Company to incur "Canadian

exploration expenses" that will qualify as "flow-through mining expenditures", each as defined under

the

Income Tax Act

(

Canada

), which will, subject to certain limitations under the

Income Tax Act

(

Canada

), be renounced with an effective date of no later than December 31, 2019 to the

purchasers of Flow-Through Shares in an aggregate amount no less than the proceeds raised from

the issue of the Flow-Through Shares.

Closing of the Offering and the Flow-Through Offering are subject to receipt of regulatory approvals,

including the final acceptance of the Offering and the Flow-Through Offering by the Toronto Stock

Exchange (the "

TSX

"). The Common Shares, Flow-Through Shares, Warrants, Flow-Through

Warrants, Finders Warrants, and Flow-Through Finders Warrants issued pursuant to the Offering

and the Flow-Through Offering respectively, will be subject to a four-month hold period under

applicable securities laws in

Canada

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" 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 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. Goldeye

Explorations Ltd. is a Canadian subsidiary of Treasury Metals Inc. Goldeye's flagship property is

Weebigee, located near

Sandy Lake

Northwestern Ontario

, and there are two additional

properties in

Ontario

(Gold Rock and Shining Tree-Fawcett).

Forward-looking Statements

This release includes certain statements that may be deemed to be "forward-looking statements".

Such forward-looking statements include those related to the use of the net proceeds of the Offering

and the Flow-Through Offering, closing of the Offering and the Flow-Through Offering, and the

receipt of regulatory approvals, including the approval of the TSX.

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.

View original content:

http://www.newswire.ca/en/releases/archive/June2019/07/c3672.html

%SEDAR: 00027114E

For further information:

Greg Ferron, CEO, T: 1.416.214.4654, [email protected]; Mark

Wheeler, Director, Projects, T: 1.416.214.4654, [email protected]

CO: Treasury Metals Inc.

CNW 08:21e 07-JUN-19

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