Business
TomaGold Announces Sale of Hazeur, Monster Lake East and Monster Lake West Properties for up to $2 million
TOMAGOLD CORPORATION (TSXV: LOT) (“ TomaGold ” or the “ Company &#...
About this update from Tomagold Corporation Class A
[{"type":"text","content":"TomaGold Announces Sale of Hazeur, Monster Lake East and Monster Lake West Properties for up to $2 million\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistlowalpha { list-style-type: lower-alpha }\n.bwlistlowroman { list-style-type: lower-roman }\n.bwmarginl2 { margin-left: 60px }\n \n\n\n\n\n TOMAGOLD CORPORATION (TSXV: LOT)\n \n (“\n \n TomaGold\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that it has entered into a binding term sheet with Northern Superior Resources Inc. (TSXV: SUP; OTCQX: NSUPF; GR: D9M1) (“\n \n Northern Superior\n \n ”) for the sale of its wholly-owned Hazeur, Monster Lake East and Monster Lake West properties (the “\n \n Properties\n \n ”), located in the Chibougamau area, in the province of Quebec.\n \n\n In consideration for the acquisition of the Properties, Northern Superior or any wholly-owned subsidiary of Northern Superior (the “\n \n Purchaser\n \n ”) will provide the following consideration to TomaGold:\n \n\n\n\n Closing Payment\n \n : A cash payment of $1,000,000 payable to TomaGold on the closing date of the acquisition;\n \n\n\n Royalty\n \n : TomaGold shall retain a net smelter returns royalty of 2% (the “\n \n NSR\n \n ”) on all mineral production from the Properties. The Purchaser, or any successor entity that holds an interest in the Properties, shall have the right to repurchase one half (1.0%) of the NSR at any time for a one-time cash payment of $1,000,000; and\n \n\n\n Contingent Payment Upon Change of Control\n \n : An additional payment of $1,000,000, payable in cash or shares, at the election of the Purchaser (the “\n \n Contingent Payment\n \n ”), shall be payable to TomaGold in the event that either:\n \n\n\n\n the Purchaser (or any successor entity, including any entity resulting from a merger, takeover bid, amalgamation, plan of arrangement or similar transaction) is acquired, directly or indirectly, by a third party with a minimum deemed market capitalization of $2 billion at the time of closing of such acquisition; or\n \n\n Northern Superior or the Purchaser (or any entity or person holding the Properties on behalf of Northern Superior) sells, transfers, assigns (including the entering into of an option agreement) the Properties, or com...