TORONTO, Nov. 24, 2014 /CNW/ - Treasury Metals Inc. (TSX:TML) is pleased to announce that it has satisfied all conditions precedent of RMB Resources' continued funding of the Company's Goliath Gold Project in Northwestern Ontario. The conditions precedent related to the second tranche included updated mine plan, engineering and a newly modelled resource work. The second tranche provides the Company the ability to access an additional $3 million in funds for further mine permitting and feasibility studies ongoing at the project.
"We are pleased to have the continued support and partnership of RMB: a global leader in mine finance" stated Martin Walter, Treasury's President and Chief Executive Officer. "In addition, an exploration program is underway at the project that will allow us to finalize definition drilling of the main resource area identified in the new model review and further testing of the recent discoveries made."
For consideration of the second tranche, RMB has been issued 1.5 million financier warrants, which entitles RMB to purchase a common share of the Company at an exercise price of $0.35 for a period of 3.5 years. Additional terms related to the C$6 million feasibility funding facility entered between the Company and RMB were previously announced on November 15, December 4, 2013 and February 19, 2014.
ABOUT RMB RESOURCES
RMB Resources is the resource financing division of the FirstRand Group; one of the largest listed financial services companies listed on the Johannesburg Stock Exchange, South Africa. RMB specializes in providing equity and debt-financing solutions for small to mid-tier resource companies globally. RMB Resources provides debt funding through conventional project financing, commodity pre-paid forward financing as well as senior, subordinated, standby and bridge financing. Staffed with experienced mining executives, RMB Resources operates from its offices in Sydney, Melbourne, London, Johannesburg, Denver and New York.
ABOUT TREASURY METALS
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 with the vision of a combination of an open pit and underground mining methods. Established in 2008, Treasury Metals operates corporate headquarters in Toronto and a project office at the Goliath Gold Project.
To learn more about Treasury Metals, please visit the Company's website at www.treasurymetals.com.
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. Actual results or developments may differ materially from those in 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:
Martin Walter President and CEO
T: 1.416.214.4654 [email protected]
Greg Ferron Vice President, Corporate Development
T: 1.416.214.4654 [email protected]
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