MONTREAL, April 12, 2024 (GLOBE NEWSWIRE) -- TOMAGOLD CORPORATION (TSXV: LOT) (OTCQB: TOGOF) ("TomaGold" or the "Corporation") announces the following corporate update.
East Block acquisition term extended
The Corporation has extended the "Option to Purchase" with Chibougamau Independent Mines Inc. (TSXV: CBG) ("Chibougamau") until April 30, 2024, to finalize the financing to acquire Chibougamau's East Block copper-gold properties. In addition, the purchase price for the East Block has been adjusted upward by $500,000 since the original agreement with Chibougamau. The initial transaction was announced in the press releases dated August 14, 2023, September 13, 2023 and September 18, 2023.
Clarification of share pricing for the acquisition of the Chibougamau Mining Camp properties
The breakdown of the amount in dollars to be satisfied by share issuance for the acquisition of the properties from SOQUEM Inc. ("SOQUEM"), Chibougamau and Globex Mining Enterprises Inc. ("Globex"), as disclosed in the August 14, 2023 press release, will be determined using the 10-day VWAP for SOQUEM and 20-day VWAP for Chibougamau and Globex, all subject to a minimum price of $0.05 per share.
Prior investor relations consulting agreements
The Corporation announces prior investor relations consulting agreements with Mezzo Consulting Services S.A. ("Mezzo") and MI3 Communications Financières Inc. ("MI3"), which have been terminated.
On November 24, 2022, TomaGold retained Mezzo to act as a ...