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Treasury Metals and Platinex Inc. Complete Consolidation of Mining Properties in Shining Tree District, Ontario
Treasury Metals and Platinex Inc. Complete Consolidation of Mining Properties in Shining T...
About this update from Nexgold Mining Corp.
[{"type":"text","content":"\n\n\n\nTreasury Metals and Platinex Inc. Complete Consolidation of Mining Properties in Shining Tree District, Ontario\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 16, 2020\n\n\n\nTSX: TML     OTCQX: TSRMF    \n TORONTO, July 16, 2020 /CNW/ - Treasury Metals Inc. (TSX: TML) (\"Treasury\" or the \"Company\") and Platinex Inc. are pleased to announce that pursuant to the terms of the mining investment agreement (the \"Purchase Agreement\") dated July 15, 2020 between Treasury, and Treasury's wholly-owned subsidiary Goldeye Explorations Limited, and Platinex Inc., the Company has sold to Platinex an aggregate of 208 unpatented mining claims located in the Shining Tree District, Northern Ontario (the \"Mining Claims\") and three net smelter royalties (the \"Royalties\"). \nThe Mining Claims total approximately 5,045 Ha. (12,466 ac.) and are located adjacent to Platinex's Shining Tree property.  With this acquisition, Platinex has created the largest combined gold focused property package in the Shining Tree District, Northern Ontario. The Shining Tree property is located on 21 kilometres of the Tyrrell-Ridout Deformation Zone which also hosts both IAMGOLD's Côté Lake gold deposit and Caldas Gold's Juby deposit.\nIn consideration for acquiring the Mining Claims and the Royalties (the \"Acquisition\"), Platinex issued to Treasury 12,500,000 common shares (\"Consideration Shares\") of Platinex and 5,000,000 non-transferable common share purchase warrants (\"Consideration Warrants\") of Platinex. Each Consideration Warrant entitles Treasury to purchase one common share of Platinex at a price of $0.05 per share for a period of 24 months from the date of issue. If Treasury exercises the Consideration Warrants on or before September 1, 2020, it will receive an additional non-transferable common share purchase warrant (a \"Secondary Warrant\") for each Consideration Warrant exercised. Each Secondary Warrant entitles the holder to purchase one common share of Platinex at a price of $0.20 per s...