08:22 AM EDT, 07/03/2024 (MT Newswires) -- Treasury Metals ( TSRMF ) on Wednesday said it completed its all-share acquisition of Blackwolf Copper and Gold ( BWCGF ) for $18.4 million.

The company offered 0.607 of a share for each Blackwolf share held, issuing a total 87.62-million shares to complete the transaction and leaving Blackwolf shareholders with a 32% stake in the combined company.

Treasury Metals ( TSRMF ) said the acquisition will speed development of its Goliath Gold Complex Project in Ontario while adding financial heft to acquire promising properties.

"Completing this transaction will not only accelerate the ability to build Goliath but the new vision of a buy/build strategy. This strategy comes with putting together near-term, buildable assets, that utilize the expert builder team, newly integrated finance and marketing team, to create a platform for strategic growth," Treasury Metals ( TSRMF ) president Morgan Lekstrom said in a release.

With the the acquisition complete, Treasury Metals ( TSRMF ) closed the initial tranche of a private placement of flow-through share units, raising $4.4 million.

The company placed 19.14-million units in the tranche, with each priced at $0.23 and made up of a tax-advantaged share and a three-year warrant to buy a common share for $0.35.

Treasury Metals ( TSRMF ) shares closed up $0.005 to $0.21 Tuesday on the Toronto Stock Exchange, while Blackwolf shares, which will be delisted from the TMX Venture Exchange on Thursday, closed at unchanged at $0.115.