M&A / Property

Chibougamau amends option with optionee TomaGold

By The Northwire Desk — AI Analysis Sep 30, 2025 · 18:00 CBG · 0.20 Chibougamau Independent Mines Inc.

CBG · Price

Chibougamau Independent Mines Inc. amended its option agreement with TomaGold Corp., granting TomaGold the right to acquire a 100 % interest in several Chibougamau properties.
Total consideration now totals $9.15 million split among cash payments, common‑share issuances, and mandatory exploration expenditures over six years.
Cash paid to date: $300,000; share consideration issued to date: $450,000 (nine million shares).

Option Scope: 100 % interest in Berrigan South, Berrigan Mine, Antoinette, Elaine Lake and Gwillim properties (northwest of Chibougamau, Québec).
Cash Consideration: $2.7 M total; $300k already paid. Remaining schedule:
$50k upon TSX‑V approval
$150k by 31 Dec 2025
$200k by Year 3 of effective date
$500k by Year 4
$750k by Year 5
$750k by Year 6
Share Consideration: $1.85 M total at VWAP on each anniversary; $450k (9 M shares) already issued. Remaining schedule:
$200k on 2nd anniversary
$200k on 3rd anniversary
$300k on 4th anniversary
$350k on 5th anniversary
$350k on 6th anniversary
Exploration Expenditure Commitment: $5.6 M total, to be spent on the Chibougamau properties:
$600k by Year 2
$800k by Year 3
$1.2 M by Year 4
$1.5 M by Year 5
$1.5 M by Year 6
Original Terms: First announced on 13 Sept 2023; this amendment updates timing and amounts of cash, share, and exploration commitments.

(No quotes were provided in the release.)

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