08:11 AM EDT, 04/12/2024 (MT Newswires) -- TomaGold ( TOGOF ) said Friday that it extended an option to acquire the East Block copper-gold properties from Chibougamau Independent Mines ( CMAUF ) until April 30, 2024.

The extension will give time to finalize the financing required to buy the property, TomaGold ( TOGOF ) said.

The purchase price for the East Block was also raised by $500,000 since the original agreement with Chibougamau. TomaGold ( TOGOF ) previously committed to make $13.8 million in cash payments, spend $10.4 million on work, issue 16,625,000 shares and issue an additional amount of $1.8 million in shares over a period of two to five years.

Also, TomaGold ( TOGOF ) said Albert Contardi has resigned from the board of directors, effective March 13.