TomaGold plans private placement to raise up to $1.5 million

TomaGold Corporation (TSXV: LOT; OTCPK: TOGOF) announced a proposed non-brokered private placement to raise up to $1.5 million, subject to TSX Venture Exchange approval.

The offering consists of up to 10 million flow-through units priced at $0.075 each and up to 12.5 million hard cash units at $0.06 per unit. Each hard cash unit includes one common share and half of a warrant, with full warrants allowing holders to purchase additional shares at $0.10 for 24 months from issuance.

Flow-through units will contain one flow-through share qualifying under Canada's Income Tax Act and half of a warrant. The company stated it will use proceeds from flow-through units for exploration expenses qualifying as Canadian exploration expenses and flow-through critical mineral mining expenditures. Hard cash unit proceeds will fund general corporate and working capital purposes.

TomaGold will pay a 6% finder's fee in cash and broker warrants on proceeds from subscribers introduced by arm's-length finders. Securities issued will be subject to a four-month and one-day hold period under Canadian securities laws.

The Montreal-based junior mining company focuses on precious and base metal projects in Quebec and Ontario. Its assets include the Obalski gold-copper-silver project and options on 12 additional properties in Quebec's Chibougamau Mining Camp, plus a 24.5% joint venture interest in the Baird gold property near Ontario's Red Lake Mining Camp.

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