TSX-listed Treasury Metals is increasing the size of its offering to an aggregate of 32-million subscription receipts at $0.36 a receipt, for gross proceeds of $11.52-million.
The offering is being completed in connection with the previously announced acquisition of the outstanding common shares of Tamaka Gold, a wholly owned subsidiary of First Mining Gold, which owns the Goldlund gold project.
The acquisition will consolidate the adjacent Goldlund and Goliath projects, creating a district-scale, multimillion-ounce gold opportunity.
The consolidation solidifies the combined asset as one of the largest undeveloped gold assets in Canada, with a consolidated resource base of two-million ounces of gold in the measured and indicated resource categories, and 1.1-million ounces of gold in the inferred resource category.