Treasury Metals and Blackwolf Upsize Financing Following Merger Announcement

TORONTO, ON – Treasury Metals Inc. and Blackwolf Copper and Gold Ltd. announced an increase in their planned Concurrent Financing, raising the amount from $4 million to $6.4 million. This move follows the recent announcement on May 2, 2024, about the merger of the two companies. Frank Giustra, a significant investor, will lead the financing round with a $2 million investment.

The enlarged financing will support an 18-month exploration initiative aimed at discovering new mineral resources, said Jeremy Wyeth, CEO of Treasury Metals. The funds, expected to be raised through the issuance of 27.7 million flow-through units at $0.23 each, will finance Canadian exploration activities, particularly in Ontario. These activities are anticipated to create flow-through mining expenditures, benefitting from tax incentives.

Additionally, Treasury Metals disclosed a change in its shareholder structure as First Mining Gold sold 4,539,000 shares, reducing its ownership stake to 8.26%. This transaction repositions First Mining out of Treasury’s insider category, distributing these shares among various institutional and private investors.