MONTREAL, QUEBEC--(Marketwired - Aug. 14, 2017) - TOMAGOLD CORPORATION (TSX VENTURE:LOT) ("TomaGold" or the "Corporation") is pleased to announce the closing of the transaction with IAMGOLD Corporation ("IAMGOLD") announced on August 10, 2017. As a result, TomaGold has issued 27,777,777 common shares to IAMGOLD for gross proceeds of $2,500,000.
The proceeds from the private placement will be primarily used for exploration on TomaGold's properties, as well as for working capital and general corporate purposes.
The common shares issued under this transaction are subject to a hold period of four months and one day from the closing date in accordance with applicable Canadian securities laws.
About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold mineral properties. To optimize its chances of discovery and minimize its exploration risk, TomaGold aims to develop high-grade gold properties with major mining companies. It currently has joint venture agreements with IAMGOLD Corporation for the Monster Lake project, with Goldcorp Inc. for the Sidace Lake property, and with Goldcorp Inc. and New Gold Inc. for the Baird property. TomaGold has interests in six gold properties in northern Quebec: Monster Lake, Winchester, Lac-à-l'Eau-Jaune, Monster Lake East, Obalski and Lac Cavan near the Chibougamau mining camp. It also holds a 39.5% interest in the Sidace Lake property and a 24.5% in the Baird property near the Red Lake mining camp in Ontario. Finally, it has an option to acquire a 70% interest in the Hazeur property, at the southern edge of the Monster Lake group of properties.
