On July 5, 2024, Treasury Metals Inc. closed the transaction. The company announced that it has consisted of 8,690,000 FT Units at CAD 0.23 per FT Unit for aggregate gross proceeds of CAD 1,998,700 in second and final tranche. The Financing remains subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSXV and any applicable securities regulatory authorities. All securities issued in connection with the Financing are subject to a four-month and one-day hold period in Canada. Each FT Unit issued consists of one Treasury Share that is issued as "flow-through shares" and one common share purchase warrant of Treasury. Each Warrant is exercisable at a price of CAD 0.35 until July 2, 2027.
Certain insiders of the Company participated in Tranche 2, acquiring an aggregate of 8,690,000 FT Units on the same terms as other investors in the Financing for gross proceeds to the Company of CAD 1,998,700.