TomaGold Updates on Private Placement and Financial Allocation
MONTREAL, Jan. 24, 2025 /CNW/ – TOMAGOLD CORPORATION LOT TOGOF (“TomaGold” or the “Corporation”) has announced that, following its previous news releases dated December 6, 2024, December 23, 2024, and December 31, 2024, it will not proceed with any more tranches of its previously announced non-brokered private placement (the “Private Placement”). The Corporation has successfully issued a total of 7,600,000 common shares at a price of $0.02 per share, along with 13,800,000 “flow-through” shares at $0.025, resulting in total gross proceeds of $497,000.
From the funds raised, $173,000 will be allocated to Non-Arm’s Length Parties. The remainder will support general working capital and various project expenditures outlined in the table below.
|
Corporate Expenses |
|
|
General and administration expenses |
$50,000 |
|
Total Corporate Expenses |
$50,000 |
|
Project Expenditures |
|
|
Chibougamau and SOQUEM properties – |
$274,000 |
|
Total Project Expenditures |
$274,000 |
The closing of the Private Placement is still subject to final approval from the TSXV Venture Exchange.
About TomaGold
TomaGold Corporation LOT TOGOF is a Canadian mineral exploration company focused on acquiring, assessing, exploring, and developing gold, copper, rare earth elements, and lithium projects. The company aims to consolidate the Chibougamau Mining Camp in northern Quebec. Recent agreements have allowed them to acquire 20 properties in the camp. Additionally, they have interests in five gold properties in the area, including Obalski, Monster Lake East, Monster Lake West, Hazeur, and Doda Lake.
TomaGold also has full ownership of a lithium property and the Star Lake rare earth elements property in the James Bay region of Quebec. Furthermore, it holds a 24.5% interest in the Baird property, located near Ontario’s Red Lake mining camp, through a joint venture with Evolution Mining Ltd. and New Gold Inc.
Neither the TSX Venture Exchange nor its regulation services provider (as defined in TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE TomaGold Corporation
View original content: http://www.newswire.ca/en/releases/archive/January2025/24/c4017.html
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