Non-brokered deal funds Goliath Gold Project, working capital purposes
By Devika Patel
Knoxville, Tenn., April 26 - Treasury Metals Inc. said it will raise C$1.77 million in a non-brokered private placement of units and stock. The company raised C$1.17 million in the first tranche.
The company sold 2,608,332 units of one common share and half-share warrant at C$0.45 per unit in the initial tranche. Each whole warrant is exercisable at C$0.75 for three years.
Treasury Metals also will sell 1,195,000 flow-through common shares at C$0.50 per share in a second tranche.
The price per share is a 21.95% premium to the April 25 closing share price of C$0.41. The warrant strike price is an 82.93% premium to that price.
Settlement of the second and final tranche is expected on April 30.
Proceeds will be used to advance the company's Goliath gold project, including completion of an Environmental Impact Statement, and for general working capital purposes.
Toronto-based Treasury Metals is a gold explorer.
| Issuer: | Treasury Metals Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$1,771,249
|
| Settlement date: | April 26 (for C$1,173,749), April 30 (for C$597,500)
|
| Agent: | Non-brokered
|
| Stock symbol: | Toronto: TML
|
| Stock price: | C$0.41 at close April 25
|
| Market capitalization: | C$25.51 million
|
|
|
| Units
|
| Amount: | C$1,173,749
|
| Units: | 2,608,332
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.75
|
|
|
| Stock
|
| Amount: | C$597,500
|
| Units: | 1,195,000
|
| Price: | C$0.50
|
| Warrants: | No
|
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