Non-brokered deal funds Goliath Gold Project, working capital purposes
By Devika Patel
Knoxville, Tenn., Sept. 24 – Treasury Metals Inc. said it raised C$1.75 million in the first tranche of a C$1.9 million non-brokered private placement of units and stock.
The company is selling 2,639,000 units of one common share and half-share warrant at C$0.45 per unit. Each whole warrant is exercisable at C$0.56 for three years.
Treasury Metals also is selling 1.43 million flow-through common shares at C$0.50 per share.
The price per share is an 11.11% premium to the Sept. 23 closing share price of C$0.45. The warrant strike price is a 23.91% premium to that price.
In the first tranche, the company sold 2,297,000 units and 1.43 million shares.
Settlement of the second and final tranche is expected Sept. 25.
Proceeds will be used to advance the Goliath Gold Project 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$1,902,550
|
| Settlement dates: | Sept. 24 (for C$1,748,650), Sept. 25
|
| Agent: | Non-brokered
|
| Stock symbol: | Toronto: TML
|
| Stock price: | C$0.45 at close Sept. 23
|
| Market capitalization: | C$34.39 million
|
|
|
| Units
|
| Amount: | C$1,187,550
|
| Units: | 2,639,000
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.56
|
|
|
| Stock
|
| Amount: | C$715,000
|
| Units: | 1.43 million
|
| Price: | C$0.50
|
| Warrants: | No
|
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