MONTREAL, QUEBEC -- (Marketwire) -- 12/19/12 -- TomaGold Corporation (TSX VENTURE: LOT) ("TomaGold" or the "Company") is pleased to report that it has closed on a first tranche of a non-brokered private placement totalling $811,300, comprising $749,300 in flow-through units and $62,000 in common units.
In connection with the flow-through units, the Company has issued 4,995,333 flow-through common shares priced at $0.12 per share, 1,498,600 common shares priced at $0.10 per share and 1,498,600 warrants. Each warrant entitles its holder to purchase one common share of the Company at $0.12 within a one-year period.
For the common units, the Company has issued 620,000 common shares priced at $0.12 and 620,000 warrants, with each warrant entitling its holder to purchase one common share of the Company at $0.12 within a one-year period.
The Company paid various finders cash finders' fees equal to a maximum of 10% of the gross proceeds raised by said finders and issued 335,400 warrants entitling some of those finders to purchase one common share of the Company at $0.10 within a one-year period.
TomaGold will use the proceeds from the private placement for exploration work on its Quebec properties and for working capital purposes. The common shares issued under the private placement and the underlying common shares to be issued pursuant to the exercise of the warrants are subject to a resale restriction period of four months and one day.
The private placement is subject to regulatory approval.
ABOUT THE MONSTER LAKE PROJECT
The Monster Lake property is located in northwestern Quebec, 44 kilometres southwest of the town of Chibougamau. It is easily accessible by road and near a major power line. Over 30,000 metres of diamond drilling has been done since 1984 along the four-kilometre mineralized corridor. During the winter of 2012, TomaGold drilled 16 additional holes for a total of 2,420 metres, and made a major discovery of 237.6 grams per tonne gold over 5.7 metres in Hole M-12-60. The mineralization is associated with dark quartz-sulphide veins within a shear zone 3-10 metres wide in basaltic units.
ABOUT TOMAGOLD CORPORATION
TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.
For a complete list of drill results from the Monster Lake project, please visit our website, at www.tomagoldcorp.com
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.
David Grondin, President and CEO
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Automakers Turn to China to Fuel Sales Growth
- Pope Francis, Huge Crowd Joyously Celebrate Easter
- GM Boosting China Production Capacity
- GOP Making Bold Play for Oregon Senate Seat
- Delay in Ferry Evacuation Puzzles Maritime Experts
- Report: Iran VP Says Row Over Reactor Resolved
- NASA's Space Station Robonaut Finally Getting Legs
- Confusion, Anger as Sunken Ferry's Relatives Wait
- Iran Denounces U.S. Ruling to Sell Property