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Treasury Metals and Blackwolf announce an upsize to the Concurrent Financing, increasing it from $4 million to up to $6.4 million. Frank Giustra will lead the order, subscribing for $2 million. The financing will provide 18 months of exploration activity to drive strategic growth following the combination of the two companies. The Concurrent Financing consists of 27.7 million flow-through units at a price of $0.23 per unit, with proceeds used for Canadian exploration expenses related to Ontario mineral projects. Completion is subject to TSX approvals and customary closing conditions.
Treasury Metals and Blackwolf have entered into an agreement to combine their companies to advance the Goliath Gold Complex Project in Ontario, focusing on gold production, exploration, and growth strategies. The Transaction aims to strengthen leadership, balance sheet, and capital markets team. The combined company anticipates near-term gold production with a 13-year mine life, aiming to produce 109,000 ounces of gold annually. The GGC Project has a net present value of $493 million and an internal rate of return of 33.5%. The companies plan to intensify exploration efforts, enhance capital markets focus, and pursue a growth and consolidation strategy. The Transaction, led by cornerstone investor Frank Giustra, will result in Treasury acquiring all outstanding shares of Blackwolf. The Transaction terms involve the exchange of BWCG shares for TML shares. The companies aim to create a new growth-focused North American gold platform, with a solid financial position and an experienced management team.