TSX: TML
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.
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. 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.
