TomaGold completes final tranche of private placement for $1 million

TomaGold Corporation (TSXV: LOT; OTCPK: TOGOF) completed the final tranche of its non-brokered private placement, raising $1,007,000. Combined with the first tranche that closed November 21, the total proceeds from the private placement amount to $2,112,000, according to a company statement.

The final tranche included 11,690,000 flow-through common shares at $0.05 per share and 10,562,500 units at $0.04 per unit. Each unit consists of one common share and one-half of a share purchase warrant. The warrants allow holders to purchase additional shares at $0.08 each for 24 months from the issuance date.

TomaGold paid $25,305 in finder's fees and issued 520,130 finder's compensation warrants in connection with the final tranche. The finder's warrants permit holders to purchase shares at $0.08 each for 24 months from issuance.

All securities from the final tranche are subject to a statutory hold period of four months and one day from issuance. The company will use net proceeds from unit sales primarily for general corporate working capital, with no specific use representing 10% or more of gross proceeds. Proceeds from flow-through share sales will fund exploration expenses that qualify as Canadian exploration expenses under the Income Tax Act.

The private placement closing remains subject to final approval from the TSX Venture Exchange. TomaGold is a Canadian junior mining company focused on precious and base metal projects in Quebec and Ontario, with assets in the Chibougamau Mining Camp and a joint venture interest in the Baird gold property near Red Lake Mining Camp.

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