Upon completion of the share exchange, existing Treasury and Blackwolf shareholders will own approximately 68.3% and 31.7% of the combined company.
To provide financial flexibility, Treasury has amended its agreement with Sprott Resources Streaming and Royalty to waive its quarterly minimum payments due to Sprott over the next four quarters. In exchange, the quarterly minimum payment will increase from $500,000 to $675,000, and the deadline of last payment will be moved forward.
The merger remains subject to shareholder approval on Blackwolf’s side. Canadian mining financier Frank Giustra, a cornerstone shareholder in Blackwolf, is anticipated to vote in favour of the deal alongside other senior officers and directors.
Treasury expects this business combination to help advance its Goliath Gold Complex (GGC) project in northwestern Ontario to production through a strengthened cash balance of C$10 million and a new capital…
