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M&A / Property

TomaGold revises Quebec mining property option terms

By The Northwire Desk — AI Analysis Sep 22, 2025 · 16:42 LOT · 0.02 TomaGold Corporation
LOT · Price

Executive Summary

  • TomaGold Corp. amended its option agreements with Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc., outlining cash, share, and expenditure commitments to acquire 100 % interests in multiple Quebec mining properties.
  • Total consideration for the Chibougamau properties: $2.7 M cash (US$300k paid), $1.85 M in common shares (US$450k issued), and $5.6 M in required expenditures, payable over six years.
  • Total consideration for the Globex property: $140 k cash (US$15k paid), $131,250 in consideration shares (US$31,250 issued), and $1.5 M in expenditures, payable over five years.

Key Details

  • Chibougamau Independent Mines amendment – acquisition targets: Berrigan South, Berrigan mine, Antoinette Lake, Elaine Lake, Gwillim properties.
  • Cash: $2.7 M total; $300k paid; remaining installments of $50k (TSX‑V approval), $150k (by 31 Dec 2025), $200k (year 3), $500k (year 4), $750k (year 5), $750k (year 6).
  • Shares: $1.85 M total at VWAP; $450k issued as 9 M consideration shares; remaining issuances of $200k (yr 2), $200k (yr 3), $300k (yr 4), $350k (yr 5), $350k (yr 6).

  • Expenditures: $5.6 M total; schedule – $600k (yr 2), $800k (yr 3), $1.2 M (yr 4), $1.5 M (yr 5), $1.5 M (yr 6).

  • Globex Mining Enterprises amendment – acquisition target: Gwillim group of claims (Au‑Ag).

  • Cash: $140k total; $15k paid; remaining installments of $15k (TSX‑V approval), $10k (yr 2), $25.5k (yr 3), $37.5k (yr 4), $37.5k (yr 5).
  • Shares: $131,250 total; $31,250 issued as 1,125,000 consideration shares; remaining issuances of $25k each on anniversaries years 2‑5.

  • Expenditures: $1.5 M total; schedule – $150k (yr 2), $150k (yr 3), $200k (yr 4), $500k (yr 5), $500k (yr 6).

  • Closing conditions – Both transactions remain subject to final TSX Venture Exchange approval; no further payments will be made until approvals are received.

  • Share resale restriction – Consideration shares are locked for four months and one day after issuance.
  • Technical review – Release reviewed and approved by Jean Lafleur, P.Geo., VP Exploration, qualified person under NI 43‑101.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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