Toronto (pcJ News Briefs) – Treasury Metals Inc. (TSX: TML) has filed and received a receipt for a preliminary short form prospectus in connection with a proposed offering of up to 12,400,000 units at $0.65 per unit for gross proceeds of up to $8.06 million.
The offering will be conducted on a commercially reasonable efforts agency basis through Haywood Securities Inc. and PI Financial Corp. as lead agents.
Each unit will consist of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable into one common share at $0.95 for a period of 24 months from the closing date.
Net proceeds will be used to fund the advancement of the company’s Goliath Gold Project, and for working capital and general corporate purposes.
The closing is expected to occur on or about May 11, 2017.
Treasury Metals is a gold focused exploration and development company with assets in Ontario. Treasury Metals Inc.’s 100% owned Goliath Gold Project in northwestern Ontario is slated to become one of Canada’s next producing gold mines. Treasury Metals plans on the initial development of an open pit gold mine to feed a 2,500 per day processing plant with subsequent underground operations in the latter years of the mine life.
photo credit: Treasury Metals