FOR DISSEMINATION IN THE UNITED STATES
MONTREAL, Dec. 24, 2020 (GLOBE NEWSWIRE)
TOMAGOLD CORPORATION (TSXV: LOT) (“
TomaGold” or the “
Corporation”) is pleased to announce that it has closed a non-brokered private placement for aggregate gross proceeds of $869,500 (the “Offering”), consisting of common and flow-through units. The Offering consists of the issuance of:
(i) 2,406,250 common units (the “Common Units”) at a price of $0.08 per Common Unit for an amount of $192,500. Each Common Unit is comprised of one common share of the Corporation and one warrant. Each warrant entitles its holder to acquire one common share of the Corporation at a price of $0.12 for a period of 24 months following the closing of the private placement.