The Conversation (0)
TomaGold Corp. (TSXV:LOT) announced that it signed a joint venture agreement to explore and develop the Quebec-based Monster Lake property with Quinto Real Capital Corp. (TSXV:QIT.P); as well, Tomagold announced a non-brokered private placement for up to $1 million.
TomaGold Corp. (TSXV:LOT) announced that it signed a joint venture agreement to explore and develop the Quebec-based Monster Lake property with Quinto Real Capital Corp. (TSXV:QIT.P); as well, TomaGold announced a non-brokered private placement for up to $1 million.
As quoted in the press release:
The agreement grants Quinto the option to acquire an initial 50% interest in the Monster Lake property in consideration of one million shares of Quinto to be issued on closing of the transaction, $350,000 paid to TomaGold over a four-year period, and funding of $6 million in exploration work over a four-year period.
Once it has earned its 50% interest, Quinto will have the option of acquiring an additional 20% interest by the seventh anniversary of the agreement in consideration of $4 million in additional exploration work or a feasibility study fully financed by Quinto.
David Grondin, TomaGold’s president and CEO, commented:
We are very pleased with this transaction with Quinto, a strong partner who will enable us to advance the Monster Lake project without increasing shareholder dilution. In addition to this major transaction for the Company, we will be fairly active over the winter with our upcoming drilling program and preparations for bulk sampling. In this regard, I would underscore the positive results announced recently from metallurgical testing on the 325 structure composite sample.
Click here to read the full TomaGold Corp. (TSXV:LOT) press release.
