Chibougamau Independent Mines Option of West Block Property to TomaGold Corporation
15 August 2023 - 1:30PM
At the request of the TSX Venture Exchange,
Chibougamau
Independent Mines Inc. (“
Chibougamau”)
(CBG-TSX-V in Canada, CLL1-Frankfurt, Stuttgart and Lang
& Schwarz Stock Exchanges in Germany, CMAUF-OTC in the
US) wishes to clarify that it may be necessary for
Chibougamau to apply to the Exchange for approval of the
previously-announced Mining Option Agreement with TomaGold
Corporation (“
TomaGold”) (TSXV: LOT) (OTCQB:
TOGOF), pursuant to which TomaGold may acquire a 100% interest in
the West Block, comprised of 99 claims in Barlow and McKenzie
Townships, Québec.
Chibougamau previously announced that the option
of the West Block to TomaGold is exempt under TSX Venture Exchange
policies from the requirement that Chibougamau obtain Exchange
approval as Chibougamau believes that the fair market value of the
West Block is less than 25% of the aggregate fair market value of
Chibougamau’s assets and property interests and less than 25% of
Chibougamau’s revenues in the past twelve months were derived from
the West Block. It will be necessary for the Exchange to analyse
the fair market value of the West Block and of Chibougamau’s other
assets and property interests. If in the view of the Exchange, the
fair market value of the West Block represents 25% or more of the
aggregate fair market value of Chibougamau’s assets and property
interests, Chibougamau will be required to obtain approval from the
Exchange for the Mining Option Agreement.
Chibougamau previously announced that TomaGold
will seek approval from the TSX Venture Exchange for the Mining
Option Agreement, including the issuance of shares by TomaGold to
Chibougamau pursuant thereto.
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 the release.
We Seek Safe
Harbour. |
CUSIP
Number 167101 203 LEI 529900GYUP9EBEF7U709 |
For further
information, contact: |
Jack Stoch,
P.Geo., Acc.Dir. President & CEO Chibougamau Independent Mines
Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 |
Tel.:
819.797.5242 Fax: 819.797.1470 info@chibougamaumines.com
www.chibougamaumines.com |
Forward Looking Statements
Except for historical information, this News Release may
contain certain “forward looking statements”, including statements
with respect to the option granted on the West Block property.
These statements may involve a number of known and unknown risks
and uncertainties and other factors that may cause the actual
results, level of activity and performance to be materially
different from the Company’s expectations and projections. A more
detailed discussion of the risks is available under “disclaimer” on
the Company’s website.
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