TML & BWCG Complete Merger! Today, Treasury Metals (TML.v TSRMF) successfully completed their merger with Giustra-backed Blackwolf Copper and Gold (BWCG.v BWCGF), acquiring all outstanding shares!
As a result, TML issued 87M new shares, with TML and former BWCG shareholders now owning 68% and 32% of the combined company.
BWCG shares will be delisted from the TSX Venture Exchange on July 4th, 2024, and TML shares will relist on the TSXV on July 5th, 2024.
Further, TML completed the first tranche of a non-brokered private placement, raising C$4.4M, with the second tranche expected to raise nearly C$2M, closing on July 5th, 2024.
Key appointments from this merger include Jeremy Wyeth as CEO and Director, alongside Morgan Lekstrom as President and Director.
With a fortified balance sheet and combined cash position of more than C$10M post merger, cornerstone investor Frank Giustra will be leading a new capital market strategy, TML's current president and CEO will become the CEO and BWCG's CEO will be appointed as president.
Near-Term Gold Production Potential
Creating a strong and more diversified company, TML is aiming to leverage a buy/build strategy to grow into a mid-tier gold company focusing on near term buildable assets.
Resulting in significant benefits to investors, this deal provides shareholders with the potential for near term gold production from the Goliath Gold Complex, which has a projected NPV of $493M at 5% discount rate and IRR of 33.5% based on a gold price of US$1,950 per ounce.
Currently at a PFS share with environmental approval, the anticipated production from the project is 109,000 ounces of gold annually at a cash cost of US$892 per ounce with a 13 year mine life.
Full News Release: https://treasurymetals.com/news/treasury-metals-and-blackwolf-complete-business-co-2908065/
Posted on behalf of Blackwolf Copper and Gold Ltd.