Chibougamau amends option with optionee TomaGold

Mr. Jack Stoch reports CHIBOUGAMAU UPDATES AGREEMENT WITH TOMAGOLD Chibougamau Independent Mines Inc. has amended its agreement with TomaGold Corp. wherein TomaGold has the opportunity of acquiring, under an option, a 100-per-cent interest in Chibougamau's Berrigan South, Berrigan Mine, Antoinette, Elaine Lake and Gwillim properties northwest of the town of Chibougamau, Que. Consideration under the updated agreement now stands at: $2.7-million in cash payments, of which $300,000 has been completed, and the balance to be paid as follows: (i) $50,000 upon receipt of the TSX Venture Exchange approval; (ii) $150,000 no later than Dec. 31, 2025; (iii) $200,000 no later than three years after the effective date; (iv) $500,000 no later than four years after the effective date; (v) $750,000 no later than five years after the effective date; and (vi) $750,000 no later than six years after the effective date; $1.85-million in common shares of the company at the volume-weighted average price on the applicable anniversary date, of which $450,000 worth has been completed by the issuance of nine million consideration shares, and the balance to be issued as follows: (i) $200,000 worth on the second anniversary; (ii) $200,000 worth on the third anniversary; (iii) $300,000 worth on the fourth anniversary; (iv) $350,000 worth on the fifth anniversary; and (v) $350,000 worth on the sixth anniversary; and $5.6-million in exploration expenditures on the Chibougamau properties as follows: (i) $600,000 no later than the second anniversary; (ii) $800,000 no later than the third anniversary; (iii) $1.2-million no later than the fourth anniversary; (iv) $1.5-million no later than the fifth anniversary; and (v) $1.5-million no later than the sixth anniversary. The initial exchange-approved transaction terms were announced on Sept. 13, 2023. We seek Safe Harbor.