TomaGold Secures Debt Settlement and Moves Forward with Placement

Overview of Recent Developments at TomaGold

TomaGold Corporation (TSXV: LOT) has made significant strides recently that underscore its commitment to enhancing shareholder value and advancing its mineral exploration projects. With the settlement of outstanding debts and the successful closing of a private placement, TomaGold is poised for future growth.

Debt Settlement Achievements

The company has successfully settled $541,380.94 of its outstanding debt. This was accomplished through the issuance of approximately 27 million common shares at a deemed price of $0.02 each. Importantly, these shares have been allocated to arm's length parties, ensuring that the stakeholders are independent of TomaGold. A noteworthy detail is the hold period for these securities, set at four months and one day following their issuance.

Details on the Private Placement

First Tranche Overview

TomaGold has also finalized the first tranche of its private placement, where it issued 10.6 million common shares on a "flow-through" basis at a price of $0.025 per share. This move generated gross proceeds amounting to $265,000. The successful completion of the first tranche is a promising start for additional funding initiatives.

Future Plans for Additional Placement

The company has exciting plans for a second tranche of the private placement, anticipated to involve up to 9.4 million flow-through shares at the same price point of $0.025, alongside potentially 25 million common shares at a price of $0.02. This second round could yield total proceeds of nearly $735,000, further solidifying TomaGold's position and resources for upcoming projects.

Involvement of Finder’s Fees

In conjunction with the first tranche of the private placement, TomaGold has compensated eligible finders with a total of $17,500 in cash and issued them 700,000 common share purchase warrants. These warrants will allow the finders to purchase shares at an exercise price of $0.05 for up to two years. This incentive aligns the interests of TomaGold with those of its partners and strengthens the relationship moving forward.

Agreements and Future Commitments

TomaGold has entered into amending agreements with key partners, including Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc. These agreements will modify existing option contracts, extending necessary payment timelines to June 30, 2025. Additionally, exploration expenditures with SOQUEM Inc. have been extended until April 30, 2025. Such adjustments reflect TomaGold's proactive approach to maintaining partnerships and supporting ongoing exploration efforts.

Exploration Strategy

With these agreements, TomaGold is strategically positioning itself to continue exploring and developing resource-rich projects over the coming months. The company remains focused on its commitment to mineral exploration, particularly in gold, copper, rare earth elements, and lithium, which are essential for various technological advancements and energy solutions.

About TomaGold Corporation

As a Canadian mineral exploration company traded on the TSX Venture Exchange under the ticker LOT, TomaGold is dedicated to seeking and developing promising mineral opportunities. The company's strategic vision encompasses not just exploration but also sustainable practices and value creation for shareholders as it navigates through evolving market conditions.

Frequently Asked Questions

What recent financial transactions did TomaGold execute?

TomaGold announced a debt settlement of $541,380.94 through the issuance of 27 million common shares.

What is the purpose of the private placement?

The private placement is intended to secure funding for future exploration and development projects, boosting TomaGold's operational capacity.

How many shares were issued in the first tranche of the private placement?

TomaGold issued 10.6 million common shares in the first tranche at a price of $0.025 each.

What partnerships are involved in TomaGold's recent agreements?

TomaGold has entered into agreements with Chibougamau Independent Mines and Globex Mining Enterprises to extend payment timelines.

What type of minerals is TomaGold focused on exploring?

TomaGold is engaged in the exploration of gold, copper, rare earth elements, and lithium projects, critical for various industries.

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