TomaGold corporation (TSXV: LOT | OTCQB: TOGOF) has provided further details regarding the properties being acquired pursuant to the agreements signed with SOQUEM Inc., Chibougamau Independent Mines Inc. (TSXV: CBG), and Globex Mining Enterprises Inc. (TSX: GMX), which include a total of 20 mining properties that currently form the majority of the Chibougamau Mining Camp, in Québec, Canada.
In order to acquire the properties, the corporation has committed to make global cash payments of C$13,805,000, work commitments of C$10,425,000, issue 16,625,000 common shares of TomaGold, and issue an additional amount of C$1,825,000 in common shares of TomaGold over a period of two to five years in accordance with the specific agreements.
David Grondin, president, and CEO of TomaGold, stated, “We are thrilled to have received conditional regulatory approval for these property acquisitions, which we believe have the potential to transform TomaGold’s profile going forward. This release also allows us to share with our shareholders and potential investors the most relevant technical information on the most significant properties being acquired, while highlighting their exploration potential. As mentioned in our previous press release, our intention is to further consolidate the Chibougamau Mining Camp, which will allow us to unlock its exploration potential and develop the camp more efficiently.”
Additionally, upon signing, TomaGold will be required to make cash payments of C$540,000, issue 6,625,000 common shares of TomaGold, and issue an additional amount of C$25,000 in common shares of TomaGold. The company is currently in advanced discussions with potential financial and mining partners to finance the acquisition, exploration, and development of these projects.
To find out more, please visit www.tomagoldcorp.com
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