TSX:
TML OTCQX: TSRMD
TORONTO, Aug. 13, 2020 /CNW/ - Treasury Metals
Inc. (TSX: TML) ("Treasury" or the "Company") is
pleased to announce that the Company has received clearance from
the Ontario Securities Commission to file a final short form
prospectus (the "Prospectus") qualifying the distribution of
the securities underlying the subscription receipts of the Company
(the "Subscription Receipts"), issued in connection with the
Company's $11.52 million bought deal
private placement that closed on July 7,
2020 (the "Private Placement").
The Subscription Receipts are expected to convert into units
(each a "Unit") on August 17,
2020 (the "Automatic Conversion Date") comprised of
an aggregate of 10,666,666 common shares in the capital of the
Company (each a "Common Share") and 5,333,333 Common Share
purchase warrants exercisable to acquire one Common Share at an
exercise price of $1.80 for 24 months
following the Automatic Conversion Date, in accordance with the
terms of the subscription receipt agreement entered into by the
Company, TSX Trust Company and Haywood Securities Inc., on behalf
of the underwriters of the Private Placement (the
"Underwriters"). The gross proceeds of the Private Placement
(less 50% of the Underwriters' cash commission and all of the
Underwriters' expenses) were released from escrow to the Company on
August 13, 2020.
In connection with the filing of the Prospectus the Company
refiled its previously filed technical report entitled "Updated
Mineral Resource Estimate for the Goliath Gold Project, Kenora
Mining Division, Northwestern
Ontario" (the "Goliath Technical Report"), originally
filed on November 18, 2019, for the
purposes of eliminating inconsistencies in the budget included as
Table 26-1 of the Goliath Technical Report.
On Friday August 7, 2020 the
Company also filed a technical report in respect of the Goldlund
Gold Project ("Goldlund") in relation to its acquisition
from First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT:
FMG) of all of the issued and outstanding shares of Tamaka
Gold Corporation ("Tamaka"), a wholly owned subsidiary of
First Mining that owns Goldlund.
German Stock Exchanges
As a result of the Company's three (3) for one (1) Common Share
consolidation, completed on August 11,
2020, the Common Shares now trade on the German Exchanges
under the symbol "TRC1".
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets in
Canada. Treasury's Goliath Gold
Project and Goldlund Gold Project are located in Northwestern Ontario. The projects benefit
substantially from excellent access to the Trans-Canada Highway,
related power and rail infrastructure, and close proximity to
several communities including Dryden,
Ontario. Treasury plans on the initial development of an
open pit gold mine with subsequent underground operations. The
Company also owns several other projects throughout Canada, including Lara Polymetallic Project,
Weebigee Gold Project, and grassroots gold exploration property
Gold Rock/Thunder Cloud.
Forward-Looking Statements
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expect, are
forward-looking statements. Forward-looking statements are
frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "plans", "projects", "intends",
"estimates", "envisages", "potential", "possible", "strategy",
"goals", "objectives", or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions. Actual results or
developments may differ materially from those in forward-looking
statements. Treasury disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.
These statements in this release include statements with respect
to the timing of the conversion of the Subscription Receipts into
Units. All forward-looking statements are based on Treasury's
current beliefs as well as various assumptions made by management
and information currently available. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while
considered reasonable by the respective parties, are inherently
subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Since
forward-looking information address future events and conditions,
by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include,
but are not limited to potential delays to the conversion of the
Subscription Receipts into Units.
Actual results, performance or achievement could differ
materially from those expressed in, or implied by, the
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do so, what
benefits may be derived therefrom and accordingly, readers are
cautioned not to place undue reliance on the forward-looking
information.
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SOURCE Treasury Metals Inc.