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Treasury Metals Provides Project Update and Announces Loan Extension
Treasury Metals Provides Project Update and Announces Loan Extension Canada NewsWi...
About this update from Nexgold Mining Corp.
[{"type":"text","content":"\n\n\n\nTreasury Metals Provides Project Update and Announces Loan Extension\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, May 8, 2017\n\n\n\nTSX: TML\n\n\n\nTORONTO, May 8, 2017 /CNW/ - Treasury Metals Inc. (\"Treasury\" or the \"Company\") is pleased to provide a number of important corporate and project updates.\n\nPermitting Progress\n\nThe Company and AMEC Foster Wheeler (\"AMEC\") have completed the information request responses and accompanying technical support as part of the Federal Government of Canada's Environmental Assessment process (\"Federal EA\").  The responses include significant additional project related work completed in order to provide responses to comments and questions received from both the government technical review and public open house processes. This additional work will also be used as part of the ongoing engagement and consultation with the respective Aboriginal communities. \n\nProduction Fee Buy Back\n\nThe Company is also reporting that it exercised its option to repurchase an outstanding US$10/oz Au production fee with Extract Advisors LLC (\"Extract\") and Loinette Company Leasing Ltd. (\"Loinette\") (collectively the \"Lenders\") for total consideration of US$350,000. The production fee buy back eliminates the future cost of the production fee in its entirety and enhances the overall project economics at Goliath Gold Project.\n\nTerm Loan Extension\n\nOn May 5, 2017, the Company entered into a binding term sheet (the \"Loan Extension\") in connection with the Company's existing US$4.4 million term loan which is comprised of two tranches (the \"Term Loan\") with the Lenders. The Loan Extension will amend, among other terms, the maturity date of the Term Loan, extending it to April 2, 2019, from September 20, 2017. The Loan Extension will be superseded with a definitive agreement to be entered into by the Company and the Lender on or around May 19, 2017 (the \"Closing Date\"). The terms of the Loan Extension will be subject to TSX approval.\n\nPursuant to the terms of the Loan Ex...