JOHANNESBURG (miningweekly.com) – Having satisfied all conditions precedent, Toronto-listed Treasury Metals has ensured RMB Resources’ continued funding of the company's Goliath gold project, in Northwestern Ontario.
The conditions related to the second tranche, which provided the company the ability to access an additional $3-million in funds for further mine permitting and feasibility studies, included an updated mine plan, engineering and a newly modelled resource work.
For consideration of the second tranche, RMB had been issued 1.5-million financier warrants, which entitled it to buy one common share of the company at an exercise price of $0.35 for 3.5 years.
Additional terms related to the C$6-million feasibility funding facility entered into between Treasury Metals and RMB were previously announced.
“We are pleased to have the continued support and partnership of RMB. In addition, an exploration programme is under way at the project that will allow us to finalise definition drilling of the main resource area identified in the new model review and further testing of the recent discoveries made,” noted president and CEO Martin Walter.