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TomaGold Announces Closing of Sidace Lake Acquisition, Convertible Debenture Financing
MONTREAL, QUEBEC--(Marketwired - Aug. 19, 2016) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Corporation") is pleased to announce the closing of
About this update from Tomagold Corporation Class A
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - Aug. 19, 2016) - TomaGold Corporation (TSX VENTURE:LOT) (\"TomaGold\" or the \"Corporation\") is pleased to announce the closing of the transaction with Planet Exploration Inc. (\"Planet\") to acquire all of its interest in the Sidace Lake gold property, namely a 39.5% stake (the \"Sidace property\"), in exchange for 15 million shares of the Corporation. The shares will be subject to a hold period of six months following the closing date. The property is also subject to a 1.0% net smelter return. The Sidace property consists of 42 mining claims located 25 km northeast of Balmertown in the Red Lake mining camp, Ontario. The remaining 60.5% interest in the property is owned by Goldcorp Inc. (\"Goldcorp\") under the terms of a joint venture. On April 19, 2009, a NI 43-101 technical report was produced by Watts, Griffis and McOuat Limited, a geological engineering firm based in Toronto, Ontario. The mineral resource estimate was prepared from two separate block models, each using a 1.5 g/t Au cut-off grade and a 35 g/t Au high grade cap, based on a gold price of US$800/oz and a US$:C$ exchange rate of 1:1.2. Sidace Lake Mineral Resource Estimate Zone Tonnes* g/t Au Total oz Au* MDZ Indicated Resource 1,119,500 3.00 107,900 Inferred Resource 1,677,200 3.01 162,500 UDZ Indicated Resource 247,600 4.19 33,300 Inferred Resource 425,800 4.11 56,300 Total Indicated Resource 1,367,200 3.21 141,300 Total Inferred Resource 2,103,100 3.24 218,800 - All tonnage and total oz Au figures rounded to nearest hundred. Totals may not add up due to rounding. \"The closing of the Sidace Lake acquisition is another step towards our goal of working with major mining companies to efficiently enhance the development of our properties, with greater potential of discovery and at lower risk,\" said David Grondin, President and CEO of TomaGold. \"We are eager to start working on the property and unlock it's full potential.\" Convertible Debenture TomaGold also intends to complete a convertible secured debenture (the \"Debenture\") issue for an aggregate gross proceed of $2,000,000 (the \"Offering\"). The Debenture will bear interest at an annual rate of 10% and will have a maturity date of 24 months from the dat...