TomaGold Announces Closing of the First Tranche of Its Private Placement
Executive Summary
- TomaGold Corp. closed the first tranche of its non‑brokered private placement, raising $1,105,000 in total proceeds.
- The financing consisted of 19.3 M flow‑through common shares at $0.05 each and 3.5 M units at $0.04 each, with each unit including a share and half a warrant priced at $0.08 for 24 months.
- Net proceeds will be used primarily for general corporate working capital, while gross proceeds from the flow‑through shares are earmarked for eligible Canadian exploration expenses.
Key Details
- Financing Structure
- FT Shares: 19,300,000 common shares issued on a flow‑through basis at $0.05 per share.
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Units: 3,500,000 units issued at $0.04 per unit; each unit contains one common share and half of a warrant to purchase an additional share at $0.08 (exercisable for 24 months).
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Gross Proceeds – Total of $1,105,000.
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Finder’s Compensation – Paid cash finder’s fees of $56,000 and issued 1,120,000 finder’s warrants (each warrant allows purchase of one share at $0.08 for 24 months).
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Use of Proceeds
- Net proceeds from Units: general and corporate working capital (no single use ≥10% of gross proceeds).
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Gross proceeds from FT Shares: to fund Canadian exploration expenses qualifying as flow‑through critical mineral mining expenditures.
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Insider Transaction – An officer purchased 750,000 units for $30,000, a related‑party transaction exempt from MI 61‑101 valuation and minority approval requirements; no material change report filed due to timing.
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Statutory Hold Period – All securities issued are subject to a 4‑month‑plus‑1‑day hold period.
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Closing Conditions – Subject to final approval by the TSX Venture Exchange.
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Marketing Agreement – Engaged OTCW for a 38‑day market awareness program; one‑time fee of C$10,000, no performance contingencies or stock option compensation.
Notable Quotes
(No direct quotes were provided in the release.)