Treasury Metals (TML-V) Feb 19, '14 has completed all conditions precedent, including all technical and legal due diligence requirements, for the $6-million feasibility financing facility with RMB Resources Inc. This provides the ability to access funds pursuant to the facility agreement entered between the company and RMB on December 20, 2013A.The Facility, of which an initial $3 million is available immediately and a second tranche of $3 million is available upon completion of specified project milestones, has a term of 2.5 years. When drawn, it will bear interest at CDOR plus 7.5% per annum and a 2.0% per annum fee will be paid on the available but undrawn amount of the initial $3 million tranche. In addition, in connection with the initial tranche, 1.5 million financier warrants were issued to RMB at closing, which entitles RMB to purchase a common share of the Company at an exercise price of $0.395 for a period of 3.5 years. Additional terms related to the Facility were previously announced on November 15 and December 4, 2013A.
The Company also today announced the appointment of Flora Wood to its Board of Directors, effective immediately. Ms. Wood has more than 15 years' capital markets and investor relations experience including as the former Director, Investor Relations for Inmet Mining Corporation until its acquisition by First Quantum Minerals Limited, and prior to Inmet, was part of the Aquiline Resources Inc. management team until its acquisition by Pan American Silver Corp. Ms. Wood currently leads the investor relations team for Essar Steel Algoma.A A Ms. Wood also has a background in the financial services industry and holds an M.A. from University of Toronto.A
"Adding an experienced financing partner like RMB at this stage is an important precedent for the Company and Project," stated Martin Walter, Treasury's President and Chief Executive Officer." Also, I am delighted to have Flora join the Treasury Metals' Board of Directors, having previously worked with her at Aquiline, I know the unique set of skills and industry contacts she will bring to the team."
Finally, the Company's drilling program at its flagship Goliath Gold Project located in Northwestern Ontario is ongoing and results will be provided as they become available. |
