Non-brokered deal funds Goliath Gold Project, working capital purposes
By Devika Patel
Knoxville, Tenn., Jan. 13 – Treasury Metals Inc. said it took in C$502,500 in the second and final tranche of a C$1 million non-brokered private placement of units and stock. The company raised C$497,500 in the first tranche on Dec. 29, when the company said it planned to raise a total of C$646,250.
The company sold 467,857 units of one common share and half-share warrant at C$0.35 per unit and 741,667 flow-through common shares at C$0.45 per share in the initial tranche. Each whole warrant is exercisable at C$0.55 for three years.
Treasury Metals also sold another 1,435,715 units in the second tranche.
The price per share is a 12.5% premium to the Dec. 24 closing share price of C$0.40. The warrant strike price is a 37.5% premium to that price.
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 million
|
| Settlement date: | Dec. 29 (for C$497,500), Jan. 13 (for C$502,500)
|
| Agent: | Non-brokered
|
| Stock symbol: | Toronto: TML
|
| Stock price: | C$0.40 at close Dec. 24
|
| Market capitalization: | C$28.57 million
|
|
|
| Units
|
| Amount: | C$1,187,249
|
| Units: | 1,903,572
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.55
|
|
|
| Stock
|
| Amount: | C$333,750
|
| Units: | 741,667
|
| Price: | C$0.45
|
| Warrants: | No
|
|
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