Treasury Metals Receives Shareholder Approval for Acquisition of Goldlund Project
Treasury Metals Receives Shareholder Approval for Acquisition
of Goldlund Project
TSX: TML
OTCQX: TSRMF
TORONTO
,
Aug. 5, 2020
/CNW/ -
Treasury Metals Inc.
(TSX: TML) ("
Treasury
" or the "
Company
") is pleased to announce that its
shareholders have approved all items of business brought before them at the Company's annual and special meeting of shareholders held
today (the "
Meeting
") including overwhelmingly in respect of the previously announced share purchase agreement (the "
Agreement
") with
First Mining Gold Corp. ("
First Mining
") pursuant to which Treasury will acquire all of the issued and outstanding shares of Tamaka Gold
Corporation, a wholly-owned subsidiary of First Mining that owns a 100% interest in the Goldlund Gold Project ("
Goldlund
"), located
adjacent to Treasury's Goliath Gold Project in
Northwestern Ontario
(the "
Transaction
").
A total of 62, 730, 700 common shares of the Company ("
Common Shares
") were represented at the Meeting. Shareholders voted in favour
of all matters brought before the Meeting.
Closing of the Transaction is scheduled to occur on
August 7, 2020
and is subject to satisfaction or waiver of conditions specified in the
Agreement and the receipt of regulatory approvals, including the approval of the Toronto Stock Exchange (the "
TSX
") and other customary
closing conditions.
Share Consolidation
The Company also received shareholder approval to complete its previously announced consolidation (the "
Consolidation
") of its Common
Shares on the basis of three (3) Common Shares for one (1) Common Share. The Consolidation will be effective as at
August 11, 2020
and
the Common Shares will begin trading on a post-Consolidation basis on the TSX that same day under its new CUSIP No. 894647825 (ISIN
CA8946478259). The Company's ticker symbol "TML" will remain the same and "TSRMF" on the OTCQB.
A letter of transmittal (the "
Letter
") with respect to the Consolidation was mailed to the Company's registered shareholders with the Circular.
All registered shareholders will be required to send their certificate(s) representing pre-Consolidation Common Shares, along with a properly
executed Letter to the Company's registrar and transfer agent, TSX Trust Company (the "
Transfer Agent
") in accordance with the
instructions provided in the Letter. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company
should contact that nominee or intermediary for their post-Consolidation positions. The Transfer Agent will forward to each registered
shareholder who has sent the properly completed Letter a new Common Share certificate representing the number of post-Consolidation
Common Shares to which the registered shareholder is entitled. Until surrendered, each Common Share certificate representing pre-
Consolidation Common Shares will be deemed for all purposes to represent the number of whole post-Consolidation Common Shares to
which the holder is entitled as a result of the Consolidation. A copy of the Letter is posted on the Company's profile on SEDAR and on the
Company's website at
https://treasurymetals.com/investors/annual-and-special-meeting-of-shareholders/
Voting Results
The formal report on voting results with respect to all matters voted upon at the Meeting are filed on SEDAR.
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets in
Canada
and is listed on the TSX under the symbol "TML" and on the
OTCQX® Best Market under the symbol TSRMF. Treasury's flagship Goliath Gold Project and Goldlund Gold Project is located in
Northwestern Ontario
. The gold projects benefit substantially from excellent access to the Trans-Canada Highway, related power and rail
infrastructure, and close proximity to several communities including
Dryden, Ontario
. Treasury plans on the initial development of an open pit
gold mine with subsequent underground operations. The Company also owns several other projects throughout
Canada
, including Lara
Polymetallic Project, Weebigee Gold Project, and grassroots gold exploration properties Gold Rock/Thunder Cloud.
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 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.
Forward-looking statements in this release include those related to closing of the Transaction, the timing of closing of the Transaction, receipt
of necessary regulatory approvals relating to the Transaction including the approval of the TSX, the timing of the Consolidation as well as
mechanics related registered shareholders delivering a Letter to the Transfer Agent.
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, risks that conditions precedents to closing the Transaction under the Agreement may not be met or waived by the parties, that regulatory
approval relating to the Transaction including the approval of the TSX may not be obtained, that the Transaction may not occur when
anticipated, that the Consolidation may not occur when anticipated, synergies expected from the Transaction not being realized, business
integration risks, operational risks in development, risks related to 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 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.
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SOURCE
Treasury Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/August2020/05/c6140.html
%SEDAR: 00027114E
For further information:
Greg Ferron, CEO, Tel: 416-214-4654, Email: [email protected]; Twitter @TreasuryMetals
CO: Treasury Metals Inc.
CNW 15:44e 05-AUG-20