TomaGold Announces Update on Private Placement

TomaGold Announces Update on Private Placement

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.

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