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Treasury Metals Inc.

Publié le 31 mars 2016

Treasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extract Capital

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Treasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extract Capital

Mar 31, 2016

Treasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extract Capital

TSX: TML

TORONTO, March 31, 2016/CNW/ - Treasury Metals Inc. ('Treasury' or the 'Company') is pleased to announce it has entered into a binding term sheet with Loinette Company Leasing Ltd. ('Loinette') and Extract Capital Master Funds Ltd. ('Extract') (together, the 'Lenders'), with Extract acting as agent to the Lenders, to arrange a buy-out and increase of the existing loan facility with RMB Australia Holdings Limited ('RMB') due on June 20, 2016 in respect of which CAD$5.0 million(approx. US$3.78 million) is currently outstanding and to further advance the project feasibility study and permitting for the Goliath Gold Project. The total financing to be provided by the Lenders (the 'Loan'), including the amount to buy-out RMB, is US$4,400,000(approx. CAD$5.7 million).

The closing date of the Loan is targeted to be in approximately 30 days (the 'Closing Date') and remains subject to customary conditions and definitive legal documentation.

The key terms of the Loan are as follows:

  • US$4,400,000secured Loan due 15 months from the Closing Date
  • US$2,200,000principal amount of the Loan is convertible by the Lenders at any time, into the Company's common shares at C$0.588per share, representing a 25% premium above the five-day volume weighted average price ('VWAP') based on the week end March 14, 2016
  • Average interest rate of 7.75% per annum plus US 12-month LIBOR
  • An arrangement fee of US$175,000on the Closing Date
  • Issuance of 220,000 common shares on the Closing Date
  • Issuance of 250,000 warrants on the Closing Date, each of which will entitle Extract, for a period of 3 years, to purchase a common share of Treasury at an exercise price of C$0.9408per share representing a 100% premium above the 5-day VWAP based on the week end March 14, 2016

In conjunction with this transaction, the Lenders will be assigned the security and warrants currently held by RMB.

The Loan provides the Lender a production fee on gold and silver produced at the Goliath Gold Project. The Company will have the option to repurchase the production fee without repayment of the Loan during the first nine months at US$350,000.

Alternatively, concurrently with the repayment of the Loan in full, the Company will also have the option to repurchase the production fee for a lump sum payment equal to:

  • US$250,000if the Loan is repaid in full on or before 6 months from the Closing Date;
  • US$750,000if the Loan is repaid after 6 months and on or before 15 months from the Closing Date; or
  • US$1,000,000if the Loan is repaid after 15 months from the Closing Date.

The production fee is based on US$10per ounce of gold and US$0.125per ounce of silver produced from the life of the Goliath Gold Project.

The Loan, the issuance of the warrants and the issuance of the common shares are subject to all necessary regulatory approvals, including approval of the Toronto Stock Exchange.

Treasury continues to advance mine permitting, technical engineering and environmental programs in conjunction with the project feasibility study of the Goliath Gold Project.

To view further details about the Goliath Gold Project, please visit the Company's website at www.treasurymetals.com.

About Loinette and Extract:

Loinette is an asset-based funding solutions company with its principal business focused on mine equipment finance and Extract is a leading natural resource fund manager with a concentration in the junior mining sector.

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.

Lire la suite de l'article sur www.publicnow.com

Treasury Metals Inc.

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CODE : TML.TO
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Treasury Metals est une société d’exploration minière de zinc et de plomb basée au Canada.

Ses principaux projets en exploration sont GOLIATH et LARA au Canada.

Treasury Metals est cotée au Canada. Sa capitalisation boursière aujourd'hui est 85,8 millions CA$ (63,1 millions US$, 56,7 millions €).

La valeur de son action a atteint son plus bas niveau récent le 20 février 2009 à 0,11 CA$, et son plus haut niveau récent le 14 août 2020 à 1,90 CA$.

Treasury Metals possède 103 970 000 actions en circulation.

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18/12/2013increases private placement financing
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26/04/2013Completes Non-brokered Financing
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06/12/2011Announces Closing of Private Placement
Rapports Financiers de Treasury Metals Inc.
24/06/2011Files Revised Unaudited Interim Financial Statements to Incl...
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05/05/2016Treasury Metals Announces Exercise of Over-Allotment Option ...
27/04/2016Treasury Metals Announces Private Placement Financing
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23/01/2016Treasury Metals Files Supplement To Information Circular
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22/05/2014Treasury Metals Announces Results of Voting at Annual Meetin...
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