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Tuesday, 25 September 2012
Treasury Metals wraps up $6 mln financing
Treasury Metals (TSE:TML) has completed a previously announced financing that raised proceeds of $6 million, the company said Friday.
The Toronto-based mineral exploration and development company sold two million units priced at 75 cents each, and 5.62 million flow-through shares at 80 cents.
A syndicate of underwriters led by Canaccord Genuity Corp completed the offering, which included the full amount of an over-allotment option that was exercised.
Treasury Metals said it plans to use the funds to advance its assets, and for general working capital purposes.
Earlier this week, the miner said metallurgical test results confirmed "excellent" gold recoveries from its Goliath gold project, in Northwestern Ontario.
The mineral exploration company said results could support a feasibility study on the Goliath project in the near future.
Gold recovery, which was consistently high in all tests, ranged around 93 to 98 per cent. The company said the gravity recovery circuit and carbon in leach processing yielded an average gold extraction of 96 per cent.
"These results are very encouraging as they clearly demonstrate that very high gold recovery rates using known low-cost separation methods," Treasury's chief executive Martin Walter said at the time.
"The company continues to deliver on the milestones we have committed to over the past few years and look forward to continued development of our mining project."
Results consisted of 163 samples from half diamond drill core taken from the Goliath deposit.
With these results, Treasury said it is now able to move ahead on the process design and capital cost estimates to a feasibility level.