Commodity-TV

The whole world of commodities in one App!

Watch Management & Expert Interviews, Site-Visit-Videos, News Shows and receive top and up to date Mining Information on your mobile device worldwide!

Download our unique App for free!
Commodity-TV Play Store
Commodity-TV App Store
Commodity-TV

Social Media


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

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

Toronto, Canada – Treasury Metals Inc. (“Treasury” or the “Company” - https://www.commodity-tv.net/c/mid,1323,Interviews/?v=296165 ) is pleased to announce it has closed the previously announced Term Loan for US$4.4 million (approx. CAD$5.68 million) with Extract Advisors LLC acting as Agent with Loinette Leasing Company Ltd. and Extract Capital Master Fund Ltd as lenders (the “Lenders”). 

Concurrently, Treasury has repaid in full 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$3.87 million) was outstanding. The additional proceeds from the transaction combined with the CAD$4.0 million equity financing, which closed on May 18, 2016, will be used to further advance the project’s mine permitting, engineering studies and exploration on the Goliath Gold Project.   

“We are pleased to have completed this transaction with both Extract and Loinette and we see them as value added partners as we continue to advance the Goliath Gold Project towards production,” stated Marc Henderson, Treasury Metals, Chairman of the Board.

The terms related to the Term Loan were as set out in a press release on March 31, 2016 (including the conversion price for the US$2.2 million convertible portion of the loan, fixed at $0.588 per share, representing a 25% premium above the five-day volume weighted average price from entering into the binding term sheet).   

In conjunction with this transaction, the Lenders were assigned the existing RMB common share purchase warrants which consisted of an aggregate of 1,500,000 warrants exercisable until August 18, 2017 at an exercise price of $0.395 per common share and a second series of 1,500,000 warrants exercisable until May 18, 2018 at an exercise price of $0.35 per common share (the “RMB Warrants”). The Company agreed to extend the RMB Warrants by one year which was approved by shareholders at the annual general meeting held on June 7, 2016. Since Treasury has amended these warrants, it will not issue the further 1,000,000 warrants that were to be issued to the Lenders if the required approvals to amend the warrants were not obtained.

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

For further information:

Greg Ferron

Vice President, Corporate Development

T: 1.416.214.4654

greg@treasurymetals.com

Marc Henderson

Chairman of the Board

T: 1.416.214.4654

marc@treasurymetals.com  

In Europe:

Swiss Resource Capital AG

info@resource-capital.ch

www.resource.capital.ch

About Loinette:

Loinette Company Leasing Limited is primarily an asset-based funding solutions company with a strong bias towards mining plant and equipment finance. 

About Extract Advisors:

Extract Advisors LLC is a natural resources fund manager with a concentration in the junior mining sector. Extract was founded in 2012 and is based in New York and Toronto 

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.

 

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at info@resource-capital.ch. We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

* indicates required
PDAC 2019

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at info@resource-capital.ch. We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

* indicates required