Shareholders approve the IAMGOLD transaction
MONTREAL, Nov. 06, 2020 (GLOBE NEWSWIRE) -- TOMAGOLD CORPORATION (TSXV: LOT) (“TomaGold” or the “Corporation”) is pleased to report the results of its annual general and special meeting of shareholders, held virtually via teleconference today at 10 a.m. (Eastern Standard Time). A total of 98 shareholders, holding 70,734,969 shares or 50.43% of the issued and outstanding shares of TomaGold, were represented at the meeting.
The shareholders approved the sale of the Corporation’s 25% undivided interest in the Monster Lake project and related mineral rights to IAMGOLD Corporation (see press release dated September 17, 2020, for a summary of the transaction), with 97.65% voting for the transaction. The transaction is expected to close on November 10, 2020.
The shareholders also unanimously approved the new slate of directors, set out in the list below:
Michel E. Labrousse
At the meeting, the shareholders also approved resolutions regarding:
the appointment of Raymond Chabot Grant Thornton LLP as the Corporation’s external auditors for the current year; and
the new 10% rolling stock option plan for 2020.
“This is a new beginning for TomaGold, which now has a renewed Board of Directors and technical team, a solid financial position, with over $10 million in cash and short-term investments, and properties with strong exploration potential in major mining camps,” said David Grondin, President and Chief Executive Officer of TomaGold. “Our geologists are in the process of preparing the exploration strategy for our projects, which we will announce shortly. We are looking forward to starting work and implementing our strategy for creating long-term value for our shareholders.”
The Corporation has also granted 3,750,000 stock options under its stock option plan to directors, officers and consultants of the Corporation, entitling them to acquire the same number of common shares of the Corporation at a price of $0.10 per share for a period of five years.
TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation’s control. Readers are cautioned that such statements are not guarantees of future performance and that actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.