TomaGold Announces Corporate Update

MONTREAL, April 12, 2024 (GLOBE NEWSWIRE) -- TOMAGOLD CORPORATION (TSXV: LOT) (OTCQB: TOGOF) (“TomaGold” or the “Corporation”) announces the following corporate update.

East Block acquisition term extended

The Corporation has extended the “Option to Purchase” with Chibougamau Independent Mines Inc. (TSXV: CBG) (“Chibougamau”) until April 30, 2024, to finalize the financing to acquire Chibougamau’s East Block copper-gold properties. In addition, the purchase price for the East Block has been adjusted upward by $500,000 since the original agreement with Chibougamau. The initial transaction was announced in the press releases dated August 14, 2023, September 13, 2023 and September 18, 2023.

Clarification of share pricing for the acquisition of the Chibougamau Mining Camp properties

The breakdown of the amount in dollars to be satisfied by share issuance for the acquisition of the properties from SOQUEM Inc. (“SOQUEM”), Chibougamau and Globex Mining Enterprises Inc. (“Globex”), as disclosed in the August 14, 2023 press release, will be determined using the 10-day VWAP for SOQUEM and 20-day VWAP for Chibougamau and Globex, all subject to a minimum price of $0.05 per share.

Prior investor relations consulting agreements

The Corporation announces prior investor relations consulting agreements with Mezzo Consulting Services S.A. (“Mezzo”) and MI3 Communications Financières Inc. (“MI3”), which have been terminated.

On November 24, 2022, TomaGold retained Mezzo to act as a marketing consultant for a six-month term. Mezzo is a Germany-based investor and capital markets and investment advisory with a focus on mining stocks. Services provided by Mezzo consisted mainly in advising the Corporation on capital markets environment; introducing the Corporation to its network of media representatives; advising the Corporation in regard to disseminating content throughout the European investor community and engaging newsletter writers; and providing advice on developing a strategic marketing plan specifically tailored for the investment community in Europe. The agreement with Mezzo included a one-time retainer fee of $60,000 and 500,000 stock options at an exercise price of $0.05 per share exercisable for a period of 5 years. The agreement was terminated on April 30, 2023 and the options were cancelled. Mezzo and the Corporation were unrelated entities and at the time of the agreement, Mezzo had an interest in the securities of the Corporation by holding 2,400,000 common shares.