TomaGold Corporation
TSX VENTURE : LOT

TomaGold Corporation

July 03, 2012 07:47 ET

TomaGold Completes $750,000 Financing

MONTREAL, QUEBEC--(Marketwire - July 3, 2012) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Company") is pleased to report that it has closed a non-brokered private placement of common shares totaling $750,000.

Private placement

TomaGold has closed a non-brokered private placement of common shares totaling $750,000. The private placement consists in the issuance of 3,750,000 common shares of the Company at a price of $0.20 per share and 3,750,000 warrants. Each warrant entitles its holder to purchase one additional common share of the Company at a price of $0.30 for an 18-month period from closing of the private placement. The subscribers will be unable to resell the subscribed securities for four (4) months and one (1) day.

The proceeds from the private placement will be used for working capital purposes. The common shares issued and the underlying common shares to be issued pursuant to the exercise of the warrants under the private placement are subject to a restricted period on resale of four (4) months and one (1) day. At the closing, the Company shall pay to various finders cash fees of $4,800.00 $ as well as 24,000 finder's warrants, which respectively are equivalent to a maximum of 8% of the gross proceeds raised by said finders, as well as a maximum number of warrants equal to 8 % of the number of common shares issued through said finders. Each finder's warrant will allow the holder to subscribe one (1) additional common share of the Company at a price of $0.30 for an 18 month period following the closing of the private placement. All of the finder's warrants and the underlying common shares will be subject to a mandatory holding period of four (4) months and one (1) day.

The private placement is subject to regulatory approval.

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.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • David Grondin
    President and CEO
    (514) 206 7727