TORONTO, May 1, 2013 /CNW/ - Treasury Metals Inc. (TSX:TML) is pleased to announce that, further to
its news release dated April 26, 2013, it has completed the final
tranche of a non-brokered private placement (the "Offering"). Including
the first tranche, the Offering consisted of 2,638,332 units (the
"Units") of the Company at a price of $0.45 per Unit and 1,194,444
flow-through Shares (the "Flow-Through Shares") at a price of $0.50 per
Flow-Through Share, for total aggregate gross proceeds of $1.78
Each Unit consists of one common share in the Company and one half of
one common share purchase warrant of the Company exercisable for a
period of 36 months from the closing date. Each whole warrant shall be
exercisable into one common share of the Company at $0.75 per share.
The Units and Flow-Through Shares will be subject to a four-month hold
period under applicable securities laws in Canada.
The net proceeds raised through the Offering will be for the advancement
of the Company's Goliath Gold Project including completion of an
Environmental Impact Statement and for general working capital
purposes. The Offering was primarily sold to investors in Canada and
The Company paid a finder's fee of 7% cash commission to certain parties
with respect to service provided in connection with the Offering.
A material change report in connection with the private placement will
be filed less than 21 days before the closing of the private placement.
This shorter period is reasonable and necessary in the circumstances as
the Company wished to complete the private placement in a timely
To learn more about Treasury Metals, please visit the Company's website
Forward Looking Statements
This press release contains forward-looking statements such as the
expected use of the net proceeds from the private placement, our future
financial condition, business plans and objectives, results of
operations and business. Such statements are based on operations,
estimates, forecasts and projections. They are not guarantees of future
performance or events and involve risks and uncertainties that are
difficult to predict and may be beyond Treasury Metals' control. A
number of important factors could cause actual outcomes and results to
differ materially from those expressed in forward-looking statements,
including those set forth herein and in other public filings. In
addition, such statements relate to the date on which they are made.
Consequently, undue reliance should not be placed on such
forward-looking statements. Treasury Metals 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.
SOURCE: Treasury Metals Inc.
For further information:
Vice President, Corporate Development
President and CEO