TSX: TML
OTCQX: TSRMF
TORONTO, Aug. 5, 2020 /PRNewswire/ - Treasury Metals
Inc. (TSX: TML) ("Treasury" or the "Company") is
pleased to announce that its shareholders have approved all items
of business brought before them at the Company's annual and special
meeting of shareholders held today (the "Meeting") including
overwhelmingly in respect of the previously announced share
purchase agreement (the "Agreement") with First Mining Gold
Corp. ("First Mining") pursuant to which Treasury will
acquire all of the issued and outstanding shares of Tamaka Gold
Corporation, a wholly-owned subsidiary of First Mining that owns a
100% interest in the Goldlund Gold Project ("Goldlund"),
located adjacent to Treasury's Goliath Gold Project in Northwestern Ontario (the
"Transaction").
A total of 62, 730, 700 common shares of the Company ("Common
Shares") were represented at the Meeting. Shareholders voted in
favour of all matters brought before the Meeting.
Closing of the Transaction is scheduled to occur on August 7, 2020 and is subject to satisfaction or
waiver of conditions specified in the Agreement and the receipt of
regulatory approvals, including the approval of the Toronto Stock
Exchange (the "TSX") and other customary closing
conditions.
Share Consolidation
The Company also received shareholder approval to complete its
previously announced consolidation (the "Consolidation") of
its Common Shares on the basis of three (3) Common Shares for one
(1) Common Share. The Consolidation will be effective as at
August 11, 2020 and the Common Shares
will begin trading on a post-Consolidation basis on the TSX that
same day under its new CUSIP No. 894647825 (ISIN
CA8946478259). The Company's ticker symbol "TML" will remain
the same and "TSRMF" on the OTCQB.
A letter of transmittal (the "Letter") with respect to
the Consolidation was mailed to the Company's registered
shareholders with the Circular. All registered shareholders will be
required to send their certificate(s) representing
pre-Consolidation Common Shares, along with a properly executed
Letter to the Company's registrar and transfer agent, TSX Trust
Company (the "Transfer Agent") in accordance with the
instructions provided in the Letter. Shareholders who hold their
Common Shares through a broker, investment dealer, bank or trust
company should contact that nominee or intermediary for their
post-Consolidation positions. The Transfer Agent will
forward to each registered shareholder who has sent the
properly completed Letter a new Common Share certificate
representing the number of post-Consolidation Common Shares to
which the registered shareholder is entitled. Until surrendered,
each Common Share certificate representing pre-Consolidation
Common Shares will be deemed for all purposes to represent the
number of whole post-Consolidation Common Shares to which the
holder is entitled as a result of the Consolidation. A
copy of the Letter is posted on the Company's profile on SEDAR and
on the Company's website at
https://treasurymetals.com/investors/annual-and-special-meeting-of-shareholders/
Voting Results
The formal report on voting results with respect to all matters
voted upon at the Meeting are filed on SEDAR.
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets in
Canada and is listed on the TSX
under the symbol "TML" and on the OTCQX® Best Market under the
symbol TSRMF. Treasury's flagship Goliath Gold Project and Goldlund
Gold Project is located in Northwestern
Ontario. The gold projects benefit substantially from
excellent access to the Trans-Canada Highway, related power and
rail infrastructure, and close proximity to several communities
including Dryden, Ontario.
Treasury plans on the initial development of an open pit gold mine
with subsequent underground operations. The Company also owns
several other projects throughout Canada, including Lara Polymetallic Project,
Weebigee Gold Project, and grassroots gold exploration properties
Gold Rock/Thunder Cloud.
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 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.
Forward-looking statements in this release include those related
to closing of the Transaction, the timing of closing of the
Transaction, receipt of necessary regulatory approvals relating to
the Transaction including the approval of the TSX, the timing of
the Consolidation as well as mechanics related registered
shareholders delivering a Letter to the Transfer Agent.
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, risks that conditions precedents
to closing the Transaction under the Agreement may not be met or
waived by the parties, that regulatory approval relating to the
Transaction including the approval of the TSX may not be obtained,
that the Transaction may not occur when anticipated, that the
Consolidation may not occur when anticipated, synergies expected
from the Transaction not being realized, business integration
risks, operational risks in development, risks related to
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 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.
View original
content:http://www.prnewswire.com/news-releases/treasury-metals-receives-shareholder-approval-for-acquisition-of-goldlund-project-301107006.html
SOURCE Treasury Metals Inc.