Treasury Metals Announces Upsize To Previously Announced Non Brokered Private Placement For Up To $4.15 Million
Treasury Metals Announces Upsize To
Previously Announced Non
Brokered Private
Placement For Up To $4.15 Million
TSX: TML OTCQX: TSRMF
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
TORONTO
,
Nov. 30, 2023
/CNW/ -
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF)
("
Treasury
" or the "
Company
") is pleased to announce that it has upsized its previously announced
non-brokered private placement to now raise gross proceeds of up to
$4.15 million
(the "
Offering
").
The Offering will now consist of up to 29,642,858 million units (the "
Units
") of the Company at a
price of
$0.14
per Unit.
Each Unit will consist of one common share in the capital of the Company and one-quarter of one
common share purchase warrant (each whole common share purchase warrant, a "
Warrant
"). Each
whole Warrant will be exercisable at a price of
$0.21
for a period of 60 months following the closing
of the Offering.
The gross proceeds from the sale of the Units will be used by the Company to fund exploration and
development activities, which include, but are not limited to permitting, community consultations and
technical studies to support these activities towards advancing the Goliath Gold Complex and for
working capital and general corporate purposes.
The Offering is expected to close on or about
December 14, 2023
, or such other date or dates as
determined by the Company and is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and any
applicable securities regulatory authorities. There can be no assurance as to whether or when the
Offering may be completed, or as to the actual final size of the Offering. All securities issued in
connection with the Offering will be subject to a four-month and one-day hold period in
Canada
.
It is anticipated that insiders of the Company may participate in the Offering. By virtue of their
participation, the Offering would constitute a "related party transaction" under applicable securities
laws. The Company expects to release a material change report including details with respect to the
related party transaction less than 21 days prior to the closing of the Offering, which the Company
deems reasonable in the circumstances so as to be able to avail itself of potential financing
opportunities and complete the Offering in an expeditious manner. As the related party transaction
will not exceed specified limits and will constitute a distribution of securities for cash, it is expected
that neither a formal valuation nor minority shareholder approval will be required in connection with
the Offering.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in
the United States
, nor shall there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities to be offered have not been and will not be
registered under the
United States Securities Act of 1933
, as amended,
U.S. Securities Act
or under
any U.S. state securities laws, and may not be offered or sold in
the United States
or to, or for the
account or benefit of, U.S. persons, absent registration or an applicable exemption from the
registration requirements of the
U.S. Securities Act
and applicable state securities laws.
About Treasury Metals Inc.
Treasury Metals Inc. is a gold-focused company with assets in
Canada
. Treasury's Goliath Gold
Complex (which includes the Goliath, Goldlund and Miller deposits) is located in
Northwestern
Ontario
. The deposits benefit substantially from excellent access to the Trans-Canada Highway,
related power and rail infrastructure and close proximity to several communities including
Dryden,
Ontario
. For information on the Goliath Gold Complex, please refer to the technical report, prepared
in accordance with National Instrument 43–101; Standards of Disclosure for Mineral Projects,
entitled "Goliath Gold Complex – NI 43–101 Technical Report and Prefeasibility Study" and dated
March 27, 2023
with an effective date of
February 22, 2023
, led by independent consultants
Ausenco Engineering Canada Inc. The technical report is available on SEDAR+ at
www.sedarplus.ca
, on the OTCQX at
www.otcmarkets.com
and on the Company website at
www.treasurymetals.com
.
The Company also owns several other projects throughout
Canada
, including the Weebigee-Sandy
Lake Gold Project JV, and grassroots gold exploration property Gold Rock. Treasury Metals is
committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous
Nations throughout the life of all our Projects and on all aspects, including creating sustainable
economic opportunities, providing safe workplaces, enhancing of social value, and promoting
community well-being. For further details about Treasury, please visit the Company's website at
www.treasurymetals.com
.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain "forward-looking information" and "forward-looking statements"
(collectively, forward-looking statements") within the meaning of Canadian and
United States
securities legislation that is based on expectations, estimates, projections and interpretations as at
the date of this news release, including information with respect to the Offering, the use of
proceeds and the TSX acceptance of the Offering. Any statement that involves predictions,
expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or
performance (often, but not always, using phrases such as "expects", or "does not expect", "is
expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or
variations of such words and phrases or stating that certain actions, events or results "may" or
"could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical
fact and may be forward-looking information and are intended to identify forward-looking
information.
Since forward-looking information address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not limited to, the amount
of proceeds raised in connection with the Offering; the closing of the Offering; exploration and
production for precious metals; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of resource estimates; health, safety
and environmental risks; worldwide demand for gold and base metals; gold price and other
commodity price and exchange rate fluctuations; environmental risks; competition; incorrect
assessment of the value of acquisitions; ability to access sufficient capital from internal and
external sources; and changes in legislation, including but not limited to tax laws, royalties and
environmental regulations. Actual results, performance or achievement could differ materially from
those expressed in, or implied by, the forward-looking information and, accordingly, no assurance
can be given that any of the events anticipated by the forward-looking information will transpire or
occur, or if any of them do so, what benefits may be derived therefrom and accordingly, readers
are cautioned not to place undue reliance on the forward-looking information. Treasury does not
undertake to update any forward-looking information, except in accordance with applicable
securities laws.
SOURCE
Treasury Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/November2023/30/c4364.html
%SEDAR: 00027114E
For further information:
Jeremy Wyeth, President & CEO; Orin Baranowsky, CFO; Treasury
Metals Inc.: T: +1 416-214-4654, Toll-free: +1-855-664-4654; Email: [email protected];
X/Twitter: @treasurymetals
CO: Treasury Metals Inc.
CNW 17:30e 30-NOV-23