TomaGold Opts Out of East Block Acquisition

Rhea-AI Summary

TomaGold (TSXV: LOT) (OTCQB: TOGOF) has decided not to proceed with the acquisition of the East Block from Chibougamau Independent Mines Inc. (TSXV: CBG). Despite having financing proposals, the companies couldn't agree on commercially acceptable terms. TomaGold has received work commitment extensions to December 15, 2024 for the West Block project from SOQUEM Inc., Chibougamau, and Globex Mining Enterprises Inc. The company will hold its annual general and special meeting of shareholders on August 29, 2024. Additionally, board member Wanda Cutler has resigned effective June 12, 2024.

Positive

• Work commitment extensions received for West Block project until December 15, 2024

Negative

• East Block acquisition deal falls through due to disagreement on terms
• Board member Wanda Cutler resigns

MONTREAL--(BUSINESS WIRE)-- TOMAGOLD CORPORATION (TSXV: LOT) (OTCQB: TOGOF) (“TomaGold” or the “Corporation”) will not proceed with the acquisition of the East Block from Chibougamau Independent Mines Inc. (TSXV: CBG) (“Chibougamau”).

“We were fully committed to acquiring the East Block and had financing proposals to complete the transaction. However, we were unable to reach agreement with Chibougamau on terms that were commercially acceptable to TomaGold,” stated David Grondin, President and CEO of TomaGold.

With respect to the West Block, TomaGold has received work commitment extensions to December 15, 2024, namely with SOQUEM Inc., Chibougamau and Globex Mining Enterprises Inc., as per the terms disclosed in the press release dated August 14, 2023.

Annual General and Special Meeting

The Corporation will hold its annual general and special meeting of shareholders on August 29, 2024.

Board member resignation

The Corporation also announces that Wanda Cutler has resigned from the board of directors of TomaGold, effective June 12, 2024. The Corporation wishes Ms. Cutler all the best in her future endeavours.

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 13 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. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation’s control. Readers are cautioned that such statements are not guarantees of future performance and that actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801776270/en/

David Grondin

President and Chief Executive Officer

(514) 583-3490

www.tomagoldcorp.com

Source: TomaGold Corporation

FAQ

Why did TomaGold (TOGOF) opt out of the East Block acquisition?

TomaGold opted out of the East Block acquisition because they were unable to reach an agreement with Chibougamau Independent Mines on commercially acceptable terms, despite having financing proposals to complete the transaction.

What extensions did TomaGold (TOGOF) receive for the West Block project?

TomaGold received work commitment extensions for the West Block project until December 15, 2024, from SOQUEM Inc., Chibougamau Independent Mines, and Globex Mining Enterprises Inc.

When is TomaGold's (TOGOF) next annual general and special meeting of shareholders?

TomaGold's next annual general and special meeting of shareholders is scheduled for August 29, 2024.

Who recently resigned from TomaGold's (TOGOF) board of directors?

Wanda Cutler resigned from TomaGold's board of directors, effective June 12, 2024.