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TomaGold to Receive $1,000,000 Contingent Payment From Sale of Hazeur, Monster Lake East and Monster Lake West Properties
The Company Also Reports Progress from Its Chibougamau Drilling Program TOMAGOLD CO...
About this update from Tomagold Corporation Class A
[{"type":"text","content":"TomaGold to Receive $1,000,000 Contingent Payment From Sale of Hazeur, Monster Lake East and Monster Lake West Properties\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth15 { width: 15% }\n \n\n\n\n\n The Company Also Reports Progress from Its Chibougamau Drilling Program\n \n\n\n\n\n\n TOMAGOLD CORPORATION (TSXV: LOT; OTCPK: TOGOF)\n \n (“\n \n TomaGold\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that, further to its June 16, July 11 and July 18, 2025 news releases regarding the disposition of its wholly-owned Hazeur, Monster Lake East and Monster Lake West properties (the “\n \n Properties\n \n ”) to Northern Superior Resources Inc. (“\n \n Northern Superior\n \n ”), the Company expects to receive the $1,000,000 contingent consideration provided for under the transaction terms, upon closing of Northern Superior’s announced acquisition by IAMGOLD Corporation (the “\n \n NS Acquisition\n \n ”).\n \n\n This press release features multimedia. View the full release here:\n \n https://www.businesswire.com/news/home/20251021188711/en/\n \n\n\n\n\n Figure 1. Location map of the eight completed diamond drill holes on the David Project\n \n\n\n Under the definitive asset purchase agreement disclosed on July 11, 2025, TomaGold was entitled to an additional $1,000,000 payment in cash or shares (at the purchaser’s election) upon a change of control whereby the purchaser (or any successor entity) is acquired by a third party with a minimum deemed market capitalization of $2 billion. The announced terms of the NS Acquisition would satisfy this contingent consideration condition.\n \n\n In addition to the contingent payment, TomaGold retains a 2.0% net smelter returns (NSR) royal...