Treasury Metals Announces Upsize To Previously Announced Non‑Brokered Private Placement For Up To $4.15 Million
TORONTO, Nov. 30, 2023 – Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) (“Treasury” or the “Company”) is pleased to announce that it has upsized its previously announced non-brokered private placement to now raise gross proceeds of up to $4.15 million (the “Offering”). The Offering will now consist of up to 29,642,858 million units (the “Units”) of the Company at a price of $0.14 per Unit.
Each Unit will consist of one common share in the capital of the Company and one-quarter of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole Warrant will be exercisable at a price of $0.21 for a period of 60 months following the closing of the Offering.
The gross proceeds from the sale of the Units will be used by the Company to fund exploration and development activities, which include, but are not limited to permitting, community consultations and technical studies to support these activities towards advancing the Goliath Gold Complex and for working capital and general corporate purposes.
The Offering is expected to close on or about December 14, 2023, or such other date or dates as determined by the Company and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and any applicable securities regulatory authorities. There can be no assurance as to whether or when the Offering may be completed, or as to the actual final size of the Offering. All securities issued in connection with the Offering will be subject to a four-month and one-day hold period in Canada.
It is anticipated that insiders of the Company may participate in the Offering. By virtue of their participation, the Offering would constitute a “related party transaction” under applicable securities laws. The Company expects to release a material change report including details with respect to the related party transaction less than 21 days prior to the closing of the Offering, which the Company deems reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner. As the related party transaction will not exceed specified limits and will constitute a distribution of securities for cash, it is expected that neither a formal valuation nor minority shareholder approval will be required in connection with the Offering.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, U.S. Securities Act or under any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Jeremy Wyeth, President & CEO; Orin Baranowsky, CFO; Treasury Metals Inc.: T: +1 416-214-4654, Toll-free: +1-855-664-4654; Email: email@example.com; X/Twitter: @treasurymetals