TSX: TML
OTCQX: TSRMF
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Nov. 23,
2023 /CNW/ - Treasury Metals Inc. (TSX: TML);
(OTCQX: TSRMF) ("Treasury" or the "Company") is
pleased to announce that it proposes to complete a non-brokered
private placement to raise gross proceeds of up to $4 million (the "Offering"). The Offering
will consist of up to 28.6 million units (the "Units") of
the Company at a price of $0.14 per
Unit. Each Unit will consist of one common share in the capital of
the Company and one-half of one Common Share purchase warrant (each
whole Common Share purchase warrant a "Warrant"). Each whole
Warrant will be exercisable at a price of $0.25 for a period of 36 months following the
closing of the Offering.
The gross proceeds from the sale of the Units will be used by
the Company to fund exploration and development activities, which
include, but are not limited to, permitting, community
consultations and technical studies to support these activities
towards advancing the Goliath Gold Complex and for working capital
and general corporate purposes.
The Offering is expected to close on or about December 14, 2023, or such other date or dates as
determined by the Company and is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the Toronto Stock Exchange and
any applicable securities regulatory authorities. There can be no
assurance as to whether or when the Offering may be completed, or
as to the actual final size of the Offering. All securities issued
in connection with the Offering will be subject to a four-month and
one-day hold period in Canada.
It is anticipated that insiders of the Company may participate
in the Offering. By virtue of their participation, the Offering
would constitute a "related party transaction" under applicable
securities laws. The Company expects to release a material change
report including details with respect to the related party
transaction less than 21 days prior to the closing of the Offering,
which the Company deems reasonable in the circumstances so as to be
able to avail itself of potential financing opportunities and
complete the Offering in an expeditious manner. As the related
party transaction will not exceed specified limits and will
constitute a distribution of securities for cash, it is expected
that neither a formal valuation nor minority shareholder approval
will be required in connection with the Offering.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall there be any sale
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities to be
offered have not been and will not be registered under the
United States Securities Act of 1933, as amended, U.S.
Securities Act or under any U.S. state securities laws, and may
not be offered or sold in the United
States or to, or for the account or benefit of, U.S.
persons, absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and
applicable state securities laws.
About Treasury Metals Inc.
Treasury Metals Inc.
is a gold-focused company with assets in Canada. Treasury's Goliath Gold Complex (which
includes the Goliath, Goldlund and Miller deposits) is located in
Northwestern Ontario. The deposits
benefit substantially from excellent access to the Trans-Canada
Highway, related power and rail infrastructure and close proximity
to several communities including Dryden,
Ontario. For information on the Goliath Gold Complex, please
refer to the technical report, prepared in accordance with National
Instrument 43–101; Standards of Disclosure for Mineral Projects,
entitled "Goliath Gold Complex – NI 43–101 Technical Report
and Prefeasibility Study" and dated March
27, 2023 with an effective date of February 22, 2023, led by independent consultants
Ausenco Engineering Canada Inc. The technical report is available
on SEDAR+ at www.sedarplus.com, on the OTCQX at www.otcmarkets.com
and on the Company website at www.treasurymetals.com.
The Company also owns several other projects throughout
Canada, including the
Weebigee-Sandy Lake Gold Project JV, and grassroots gold
exploration property Gold Rock. Treasury Metals is committed to
inclusive, informed and meaningful dialogue with regional
communities and Indigenous Nations throughout the life of all our
Projects and on all aspects, including creating sustainable
economic opportunities, providing safe workplaces, enhancing of
social value, and promoting community well-being. For further
details about Treasury, please visit the Company's website at
www.treasurymetals.com.
Cautionary Note Regarding Forward-Looking
Information
This news release includes certain
"forward-looking information" and "forward-looking statements"
(collectively, forward-looking statements") within the meaning of
Canadian and United States
securities legislation that is based on expectations, estimates,
projections and interpretations as at the date of this news
release, including information with respect to the Offering, the
use of proceeds and the TSX acceptance of the Offering. Any
statement that involves predictions, expectations, interpretations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often, but not always, using phrases such as
"expects", or "does not expect", "is expected", "interpreted",
"management's view", "anticipates" or "does not anticipate",
"plans", "budget", "scheduled", "forecasts", "estimates",
"potential", "feasibility", "believes" or "intends" or variations
of such words and phrases or stating that certain actions, events
or results "may" or "could", "would", "might" or "will" be taken to
occur or be achieved) are not statements of historical fact and may
be forward-looking information and are intended to identify
forward-looking information.
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, the amount of proceeds raised in
connection with the Offering; the closing of the Offering;
exploration and production for precious metals; delays or changes
in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of resource estimates;
health, safety and environmental risks; worldwide demand for gold
and base metals; gold price and other commodity price and exchange
rate fluctuations; environmental risks; competition; incorrect
assessment of the value of acquisitions; ability to access
sufficient capital from internal and external sources; and changes
in legislation, including but not limited to tax laws, royalties
and environmental regulations. 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. Treasury does not undertake to update
any forward-looking information, except in accordance with
applicable securities laws.
SOURCE Treasury Metals Inc.