MONTREAL, Dec. 6, 2022
/CNW/ - TomaGold Corporation (TSXV: LOT)
(OTCQB: TOGOF) ("TomaGold" or the
"Corporation") is pleased to announce that it has
closed a first tranche of $974,125
(the "First Tranche") of a non-brokered private placement of
up to $2,000,000 (the "Private
Placement"). The Private Placement comprises (i) common shares
in the capital of the Corporation issued on a "flow-through" basis
at a price of $0.055 (each, a "FT
Share"), and (ii) units of the Corporation at a price of
$0.05 (each, a "Unit"). Under
the First Tranche, the Corporation issued 15,420,455 FT Shares for
gross proceeds of $848,125, and
2,520,000 Units for gross proceeds of $126,000.
Each Unit is comprised of one common share and one-half of one
common share purchase warrant (each whole, a "Warrant").
Each whole Warrant entitles the holder thereof to purchase one
common share of the Corporation at a price of $0.075 for a period of 24 months from its
issuance.
In connection with the First Tranche, the Corporation paid cash
finder's fees of $56,000 and issued
1,018,181 finder's warrants (each, a "Finder's Warrant") to
an eligible finder. Each Finder's Warrant entitles the holder
thereof to purchase one common share of the Corporation at a price
of $0.075 for a period of 24 months
from its issuance. No insiders participated in the First
Tranche.
All securities issued in connection with the Private Placement
are subject to a statutory hold period of 4 months and a day from
the closing of each tranche of the Private Placement in accordance
with applicable securities laws. The Corporation will use the
proceeds of the Private Placement for general exploration and
working capital, and the proceeds raised from the sale of the FT
Shares will be used for eligible flow-through expenditures. The
Private Placement is subject to the final approval of the TSX
Venture Exchange (the "TSXV").
Grant of Options
The Corporation also announces that it has granted an aggregate
of 900,000 stock options under its stock option plan to certain
consultants of the Corporation, entitling them to acquire the same
number of common shares of the Corporation at a price of
$0.05 for a period of five years.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act"), or any state securities laws and may not be offered or
sold within the United States or
to or for the account or benefit of a U.S. person (as defined in
Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or
pursuant to an exemption from such registration requirements.
About TomaGold
TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) is a Canadian
mineral exploration company engaged in the acquisition, assessment,
exploration and development of gold, lithium and rare earth element
projects. TomaGold holds interests in five gold properties near the
Chibougamau mining camp in
northern Quebec: Obalski, Monster
Lake East, Monster Lake West, Hazeur and Doda Lake, as well as a 24.5% interest through a
joint venture with Evolution Mining Ltd. and New Gold Inc. in the
Baird property, located near the Red
Lake mining camp in Ontario. In addition, it 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.
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. Some of the statements contained in
this press release are forward-looking statements within the
meaning of applicable securities laws. Forward-looking statements
can be identified by the use of words such as "expects", "intends",
"is expected", "potential", "suggests" or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "should", "might" or "will" be taken, occur or be
achieved. Forward-looking statements are not historical facts and
are subject to a number of risks and uncertainties beyond the
Corporation's control. Readers are cautioned that such statements
are not guarantees of future performance and that actual results
and developments are likely to differ, and may differ materially,
from those expressed or implied by the forward-looking statements
contained in this press release. Accordingly, readers should not
place undue reliance on forward-looking statements. The Corporation
undertakes no obligation to publicly update or revise any
forward-looking statements, except as required by law.
SOURCE TomaGold Corporation