2023-08-14 07:43:16 ET
- TomaGold ( OTCQB:TOGOF ) Monday said it has entered into agreements with SOQUEM Inc, Chibougamau Independent Mines and Globex Mining Enterprises ( TSX: GMX:CA ) to acquire a total of 20 mining properties that currently form the majority of the Chibougamau Mining Camp, in Québec, Canada.
- The mining properties include a mix of copper-gold-silver-zinc mineralization, of which 6 were past-producing mines.
- TomaGold to make global cash payments of $13.81M, work commitments of $10.43M, issue 16,625,000 common shares of TomaGold and issue an additional amount of $1,825,000 in common shares of TomaGold over a period of 2 to 5 years in accordance with the specific agreements in order to acquire the properties.
- TomaGold will also be required to make cash payments of $540,000, issue 6,625,000 common shares of TomaGold and issue an additional amount of $25,000 in common shares of TomaGold.
- Source: Press Release
For further details see:
TomaGold to buy majority of Chibougamau Mining Camp properties in Canada