|December 16, 2014|
Treasury Metals Closes Equity Financing
TORONTO, Dec. 16, 2014 /CNW/ - Treasury Metals Inc. (TSX:TML) is pleased to announce that it has closed a non-brokered private placement of 2,000,000 flow-through common shares at an issue price of $0.40 per share for aggregate gross proceeds of $800,000 (the "Offering").
Treasury Metals intends to use the net proceeds of the Offering for the advancement of the Company's Goliath Gold Project in Northwestern Ontario.
"The recently commenced second phase of definition drilling is well under way with results starting shortly in the New Year beginning with the Western portion of the main resource area," said Martin Walter, Treasury Metals' President and Chief Executive Officer. "The in-fill definition drilling program will lead to an updated resource estimate and exploration activities with continue targeting the recently discovered shallow high-grade areas outside of the resource."
The flow-through shares issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada.
The Company paid a finder's fee of 7% cash commission to certain parties with respect to services provided in connection with the Offering which included Secutor Capital Management Corp.
About Treasury Metals Inc.:
Treasury Metals Inc. is a Toronto-based, TSX-listed mining exploration and development company developing and permitting the Goliath Gold Project located in Northwestern Ontario. The Company's flagship Goliath Gold Project is a high-grade gold resource that demonstrates strong market fundamentals, access to excellent infrastructure and a skilled local workforce. Treasury Metals has commenced the mine permitting process at its solely owned project with the vision of a combination of surface and underground mining methods and one of four projects advanced to the permitting stage in the province. Established in 2008, Treasury Metals operates corporate headquarters in Toronto and a project office at the Goliath Gold Project.
To view further details about the Goliath Gold Project, please visit the Company's website at www.treasurymetals.com.
SOURCE Treasury Metals Inc.
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