Deal proceeds will develop Goliath Gold Project, fund working capital
By Devika Patel
Knoxville, Tenn., Oct. 18 - Treasury Metals Inc. said it plans a C$4.6 million private placement of units and stock.
The company will sell 967,741 units of one common share and one half-share warrant at C$0.62 apiece for C$600,000. Each whole warrant is exercisable at C$0.75 for 18 months.
The company also is selling 4 million flow-through shares at C$0.75 apiece for C$3 million.
The warrant strike price and price per flow-through share reflect an 11.94% premium to the Oct. 15 closing share price of C$0.67.
The deal will be conducted on a best-efforts basis by a syndicate of agents led by MGI Securities and including Casimir Capital LP and M Partners Inc.
The company is also offering an additional 1,333,333 flow-through shares at C$0.75 apiece on a non-brokered basis for C$1 million.
Settlement of both deals is expected Nov. 28.
Proceeds will be used to advance the Goliath Gold Project towards pre-feasibility through 20,000 meters of diamond drilling and for general working capital purposes.
Toronto-based Treasury Metals is a mineral explorer.
| Issuer: | Treasury Metals Inc.
|
| Issue: | Flow-through shares, units of one common share and one half-share warrant
|
| Amount: | C$4.6 million
|
| Agents: | MGI Securities (lead), Casimir Capital LP and M Partners Inc. (for C$3.6 million), non-brokered (for C$1 million)
|
| Pricing date: | Oct. 18
|
| Settlement date: | Nov. 28
|
| Stock symbol: | Toronto: TML
|
| Stock price: | C$0.67 at close Oct. 15
|
| Market capitalization: | C$21.74 million
|
|
|
| Units
|
| Amount: | C$600,000
|
| Units: | 967,741
|
| Price: | C$0.62
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.75
|
|
|
| Flow-through shares
|
| Amount: | C$4 million
|
| Shares: | 5,333,333
|
| Price: | C$0.75
|
| Warrants: | No
|
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