MONTREAL, QUEBEC--(Marketwire - Jan. 2, 2013) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Company") is pleased to report that it has closed a second and final tranche of a non-brokered private placement in the amount of $117,900.
In connection with the closing of the second tranche, the Company has issued 786,000 flow-through common shares priced at $0.12 per share, 235,800 common shares priced at $0.10 per share and 235,800 warrants. Each warrant entitles its holder to purchase one common share of the Company at $0.12 within a one-year period.
An insider has participated in the private placement and pursuant to Regulation 61-101 respecting protection of minority security holders in special transactions, ("Regulation 61-101"), such a purchase constitutes a "related party transaction". However, the transaction is exempt from the valuation and minority shareholder approval requirements pursuant to the exemptions set out in subsection 5.5 (a) and 5.7(1)(a) of Regulation 61-101, as the aggregate consideration does not exceed 25% of TomaGold's market capitalization. A material change report has not been filed 21 days prior to the closing of the private placement as the participation had not been established at that time.
The Company paid to a finder a cash finders' fee equal to a maximum of 10% of the gross proceeds raised by said finder and issued 84,240 warrants entitling a finder to purchase one common share of the Company at $0.10 within a one-year period.
TomaGold will use the proceeds from the private placement for exploration work on its Quebec properties and for working capital purposes. The securities issued under the private placement are subject to a resale restriction period of four months and one day.
The private placement is subject to regulatory approval.
ABOUT THE MONSTER LAKE PROJECT
The Monster Lake property is located in northwestern Quebec, 44 kilometres southwest of the town of Chibougamau. It is easily accessible by road and near a major power line. Over 30,000 metres of diamond drilling has been done since 1984 along the four-kilometre mineralized corridor. During the winter of 2012, TomaGold drilled 16 additional holes for a total of 2,420 metres, and made a major discovery of 237.6 grams per tonne gold over 5.7 metres in Hole M-12-60. The mineralization is associated with dark quartz-sulphide veins within a shear zone 3-10 metres wide in basaltic units.
ABOUT TOMAGOLD CORPORATION
TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.
For a complete list of drill results from the Monster Lake project, please visit our website, at www.tomagoldcorp.com
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