TomaGold proposes C$2.25 million private placement offering

TomaGold Corporation (TSXV: LOT; OTCPK: TOGOF) announced a proposed non-brokered private placement to raise up to C$2.25 million, subject to TSX Venture Exchange approval.

The offering consists of up to 30 million flow-through shares at C$0.05 each and up to 18.75 million units at C$0.04 per unit. Each unit includes one common share and half a share purchase warrant, with each full warrant allowing the purchase of one additional share at C$0.08 within 24 months of issuance.

The Canadian junior mining company stated it will use proceeds from unit sales primarily for general corporate and working capital purposes. Flow-through share proceeds will fund exploration expenses qualifying as Canadian exploration expenses under the Income Tax Act, specifically flow-through critical mineral mining expenditures.

Securities issued under the offering will be subject to a four-month-and-one-day hold period under Canadian securities laws and TSXV policies. The company specified no proceeds will be used for investor relations activities or payments to non-arm's length persons conducting such activities.

TomaGold focuses on precious and base metal exploration and development in Quebec and Ontario. The company's assets include the Obalski gold-copper-silver project in Quebec's Chibougamau Mining Camp and options on 12 additional properties. It holds a 24.5% joint venture interest in the Baird gold property near Ontario's Red Lake Mining Camp and maintains lithium and rare earth element projects in the James Bay region.

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