MONTREAL, Jan. 24,
2025 /CNW/ - TOMAGOLD CORPORATION
(TSXV: LOT) (OTCQB: TOGOF) ("TomaGold" or the
"Corporation") announces that further to its news releases
dated December 6, 2024, December 23, 2024 and December 31, 2024, it will not close any
additional tranche of its previously announced non-brokered private
placement (the "Private Placement"). Pursuant to the closing
of the Private Placement, the Corporation issued an aggregate of
7,600,000 common shares of the Corporation ("Common Shares")
at a price of $0.02 per Common Share
and an aggregate of 13,800,000 common shares on a "flow-through"
basis ("FT Shares") at a price of $0.025 per FT Share for aggregate gross proceeds
of $497,000.
Of the total proceeds raised, $173,000 is to be paid to Non-Arm's Length
Parties, and the balance is to be used for general working capital
purposes and certain project expenditures as set out in the table
below.
|
Corporate
Expenses
|
|
|
|
|
General and
administration expenses
|
$50,000
|
|
|
|
Total Corporate
Expenses
|
$50,000
|
|
|
|
Project
Expenditures
|
|
|
|
|
Chibougamau and SOQUEM
properties –
exploration expenses (geology)
|
$274,000
|
|
|
|
Total Project
Expenditures
|
$274,000
|
Closing of the Private Placement remains subject to final
approval of the TSXV Venture Exchange.
About TomaGold
TomaGold Corporation (TSXV: LOT)
(OTCQB: TOGOF) is a Canadian mineral exploration company engaged in
the acquisition, assessment, exploration and development of gold,
copper, rare earth elements and lithium projects. Its primary goal
is to consolidate the Chibougamau Mining Camp in northern
Quebec. In addition to the recent
agreements to acquire 20 properties in the camp, the Corporation
holds interests in five gold properties in the vicinity of the
camp: Obalski, Monster Lake East, Monster Lake West, Hazeur and
Doda Lake.
TomaGold also owns a 100% interest in a lithium property and in
the Star Lake rare earth elements
property, located in the James Bay
region of Quebec, as well as a
24.5% interest in the Baird property, located near the Red Lake mining camp in Ontario through a joint venture with Evolution
Mining Ltd. and New Gold Inc.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE TomaGold Corporation
