TOMAGOLD CORPORATION (TSX-V: LOT) is pleased to announce that, further to its press release dated January 31, 2020, it has entered into a definitive agreement for the sale of its 39.5% interest in the Sidace Lake property to Pacton Gold Inc. (TSX-V: PAC) (OTC: PACXF). Under the terms of the Agreement, Pacton must pay and issue the following to TomaGold:
TomaGold will pay a 5% finder’s fee from the cash payments and the common shares it will receive to Bay Capital Markets.
The transaction, including the finder’s fee, is subject to regulatory approval. All parties to the transaction operate at arm’s length from one another. All common shares to be issued will be subject to a mandatory holding period of four months and one day from the closing date.
About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. It currently has joint venture agreements with IAMGOLD Corporation for the Monster Lake project and with Newmont Corporation and New Gold Inc. for the Baird property. TomaGold has interests in seven gold properties near the Chibougamau mining camp in northern Quebec: Monster Lake, Winchester, Lac à l’eau jaune, Monster Lake East, Monster Lake West, Obalski and Lac Doda. It also holds a 24.5% interest in the Baird property near the Red Lake mining camp in Ontario, and has a 70% interest in the Hazeur property, at the southern edge of the Monster Lake group of properties.
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