07:20 AM EST, 12/24/2024 (MT Newswires) -- TomaGold ( TOGOF ) late on Monday said it settled some debt, closed the first tranche of a non-brokered private placement and amended previous option agreements.

The company has settled a total of $541,380.94 of its outstanding debt by issuing to the creditors around 27.1 common shares at $0.02 apiece.

TomaGold ( TOGOF ) has also closed a first tranche of a non-brokered private placement, issuing roughly 10.6 million common shares on a "flow-through" basis at a price of $0.025 per share for gross proceeds of $265,000.

The company intends to complete a second tranche of up to 9.4 million shares at a price of $0.025 and up to 25 million common shares at a price of $0.02 for gross proceeds of up to $735,000 on or before Dec. 31.

Closing of the private placement and the debt settlement remain subject to final approval of the TSX Venture Exchange.

TomaGold ( TOGOF ) has agreed to amend option agreements with Chibougamau Independent Mines and Globes Mining Enterprises, extending the cash payments and expenditures due in September 2024 to June 30, 2025, or another date as agreed by the parties.

TomaGold ( TOGOF ) has also struck an agreement with SOQUEM to extend exploration expenditures due for Dec. 15, 2024, to April 30, 2025.