- Quebec-based junior miner, TomaGold (TSXV:LOT), closed the first tranche of a non-brokered private placement with NQ Investissement Minier and SIDEX, a pair of strategic institutional investors in the province.
- The Canadian exploration company is primarily focused on gold and copper projects, including a past-producing mine and a project hosting a historical resource.
- TomaGold stock has added 125 per cent year-over-year.
Quebec-based junior miner, TomaGold (TSXV:LOT), closed the first tranche of a non-brokered private placement with NQ Investissement Minier and SIDEX, a pair of strategic institutional investors in the province.
SIDEX, a collaboration between the Quebec government and the Fonds de solidarité FTQ, invests in mineral exploration companies active in Quebec with eyes on diversifying the industry, accelerating innovation and supporting new entrepreneurs. The company has invested C$129 million since inception in 2001.
NQ Investissement Minier, a regional investment fund based in Matagami, is focused on developing the mining industry in northern Quebec with an emphasis on sustainability and local and Indigenous community. The fund seeks to make between C$100,000 and C$1 million investments in its target companies.
Under the offering, TomaGold will issue 2,999,600 flow-through shares priced at C$0.075, plus 10,483,333 hard cash units priced at C$0.06 – including half a share and half a warrant exercisable at C$0.10 for 24 months – for gross proceeds of C$853,969.98.
Flow-through proceeds will go towards eligible Canadian exploration expenses, as defined in the Income Tax Act (Canada), while hard-cash proceeds will serve general and corporate working capital purposes.
TomaGold’s 13-project portfolio, located in the Chibougamau Mining Camp in northern Quebec, is highlighted by the Berrigan Mine, which hosts a historical resource of 1.39 million tons grading 1.77 grams per ton gold and 3.17 per cent zinc.
Leadership commentary
“We are pleased to welcome SIDEX and NQIM as strategic investors in TomaGold,” David Grondin, President and Chief Executive Officer of TomaGold, said in Friday’s news release. “Their support underscores the strong exploration potential of our Berrigan Mine project, currently in phase 2 of drilling. This first tranche of our ongoing private placement strengthens our financial position as we continue to advance our Chibougamau projects, located within one of Quebec’s most prolific mining camps.”
About TomaGold
TomaGold is a Canadian junior mining company primarily focused on gold and copper projects in Quebec and Ontario.
TomaGold stock (TSXV:LOT) last traded at C$0.045 and has added 125 per cent year-over-year.
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