Treasury Metals announced it has entered into an arrangement for a $6-million feasibility finance facility with RMB Australia Holdings.
RMB is the resource merchant banking division of the FirstRand Group. The mining company will also complete a private placement of common shares for $2.5 million.
Treasury said the combined financing will provide enough capital to finish its technical program for a bankable feasibility study and the mine permitting for its flagship Goliath Gold Project, near Dryden in northwestern Ontario.
"We are pleased to add RMB Resource, a strong partner with a wealth of mining knowledge and experience, to the Goliath Gold Project," said Martin Walter, Treasury's president-CEO in a Nov. 15 statement. "This financing is a further endorsement of the project and reduces financing risk for our shareholders. The transaction provides Treasury with the necessary financial resources to accelerate and complete the important feasibility study stage, an exciting time as we transition towards becoming one of Canada's next gold producers."
The facility is expected to close by the end of December 2013.
