TomaGold announces binding LOI for the sale of its stake in the Sidace Lake property to Pacton Gold
31 Januar 2020 - 1:00PM
TOMAGOLD CORPORATION
(TSXV: LOT) (“
TomaGold” or
the “
Corporation”) is pleased to announce the
signing of a binding letter of intent (the “
LOI”)
for the sale of its 39.5% interest in the Sidace Lake property to
Pacton Gold Inc. (TSXV: PAC, OTC: PACXF)
(“
Pacton”). Under the terms of the LOI, which will
be formalized by a definitive agreement to be entered into between
the parties, Pacton must pay and issue the following to TomaGold:
- Upon final acceptance of the transaction by the TSX Venture
Exchange (“TSXV”), Pacton will pay $250,000 and
issue 10,000,000 common shares to TomaGold;
- Within six months of TSXV acceptance, Pacton will pay $250,000
and issue $800,000 worth of common shares to TomaGold at a price
per share equal to the greater of $0.16 and the 5-day VWAP of
Pacton’s shares immediately preceding the date of issuance;
and
- Upon Pacton filing a National Instrument 43-101 technical
report on the Sidace Lake property showing a gold resource estimate
of 750,000 oz Au or greater, Pacton will issue 4,166,666 common
shares to TomaGold.
TomaGold must receive the written approval of
Newmont Corporation to the transaction with Pacton prior to
entering into the definitive agreement.
“This is an excellent transaction for TomaGold
and Pacton,” said David Grondin, President and Chief Executive
Officer of TomaGold. “It will give us shares in a company with
strong upside potential and enable Pacton to strengthen its land
position in the Red Lake gold mining camp with a high-quality
mining asset close to its Red Lake Gold project.”
TomaGold will pay a 5% finder’s fee from the
cash payments and the common shares it will receive to Bay Capital
Markets.
The transaction, including the finder’s fee, is
subject to the written approval of Newmont Corporation, the
execution of a definitive agreement and regulatory approval. All
parties to the transaction operate at arm’s length from one
another. All common shares to be issued will be subject to a
mandatory holding period of four months and one day from the
closing date.
About TomaGold
CorporationTomaGold Corporation is a Canadian mineral
exploration Corporation engaged in the acquisition, assessment,
exploration and development of gold mineral properties. It
currently has joint venture agreements with IAMGOLD Corporation for
the Monster Lake project and with Newmont Corporation and New Gold
Inc. for the Baird property. TomaGold has interests in seven gold
properties near the Chibougamau mining camp in northern Quebec:
Monster Lake, Winchester, Lac à l'eau jaune, Monster Lake East,
Monster Lake West, Obalski and Lac Doda. It also holds a 24.5%
interest in the Baird property near the Red Lake mining camp in
Ontario, and has a 70% interest in the Hazeur property, at the
southern edge of the Monster Lake group of properties.
Contact:David Grondin President
and Chief Executive Officer(514) 583-3490www.tomagoldcorp.com
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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. The statements in
this news release that are not historical facts are
"forward-looking statements". Readers are cautioned that any such
statements are not guarantees of future performance, and that
actual developments or results may vary materially from those
described in such "forward-looking" statements.
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