Business
First Mining Announces Closing of Transaction with Treasury Metals to Combine the Goldlund and Goliath Projects in Ontario, Canada
Creates a District-Scale, Multi-Million Ounce Gold Developer VANCOUVER, CANADA / ACCESSW...
About this update from First Mining Gold Corp.
[{"type":"text","content":"First Mining Announces Closing of Transaction with Treasury Metals to Combine the Goldlund and Goliath Projects in Ontario, CanadaCreates a District-Scale, Multi-Million Ounce Gold DeveloperVANCOUVER, CANADA / ACCESSWIRE / August 7, 2020 / First Mining Gold Corp. (\"First Mining\" or the \"Company\") (TSX:FF)(OTCQX:FFMGF)(FRANKFURT:FMG) is pleased to announce that it has closed the previously announced transaction (the \"Transaction\") with Treasury Metals Inc. (\"Treasury Metals\" or \"TML\") (TSX:TML)(OTCQX:TSRMF)(FRANKFURT:TRC) pursuant to which Treasury Metals has acquired all of the issued and outstanding shares of Tamaka Gold Corporation (\"Tamaka\"), a wholly-owned subsidiary of First Mining that owns the Goldlund Gold Project (\"Goldlund\") (the \"Transaction\"). Combining Goldlund with Treasury Metals' adjacent Goliath Gold Project (\"Goliath\") has created a district-scale, multi-million-ounce gold project positioned for advancement towards construction in a favourable mining jurisdiction.\"We are delighted to become the largest shareholder of Treasury Metals and are excited to see the combined Goldlund-Goliath project move forward\" stated Dan Wilton, CEO of First Mining. \"This combination has already unlocked meaningful value for First Mining shareholders and leaves the Company with significant exposure to the strong exploration potential at Goldlund. We are also excited that our shareholders will become direct shareholders in Treasury Metals once we distribute a portion of the equity consideration to First Mining shareholders next year. Treasury Metals is now well-funded to advance both projects through an economic study to better understand the merits and synergies of these adjacent properties. Concurrently, through further drilling and work programs, we look forward to seeing Treasury Metals unlock the significant resource growth potential of both assets through exploration of both the existing resource areas and the district-scale land package.\"Under the Transaction, as consideration for the acquisition by Treasury Metals of Tamaka, First Mining received: (i) 130 million common shares (\"TML Common Shares\") of Treasury Metals (the \"Share Consideration\"); (ii) 35 million common share purchase warrants of Treasury Metals (the \"TML Warrants\"), with each TML Warrant entitling the holder thereof to purchase one...