TSX-V-listed TomaGold’s proposed spin-out Monster Exploration has entered into a share purchase option agreement to acquire an option over the Philibert property, 10 km south-east of its Monster Lake property in Quebec's Chibougamau mining camp.
Pursuant to the agreement, Monster has the right and option to acquire 100% of the outstanding shares of 9220-5392 Québec, which holds an option over Philibert, subject to a 0.5% net smelter return royalty.
Monster also announced on Thursday that it intended to complete its nonbrokered private placement offering to raise between $8-million and $10-million.
In addition, the corporation has strengthened its proposed board of directors with the addition of Jean-Sébastien Jacquetin as an independent director.
Jacquetin has more than 20 years of corporate finance and merchant banking experience for small and medium-sized enterprises. He is currently managing partner at Confluence Synergy & Co., an associate company of Rosemont International, which provides in-depth management expertise in corporate finance, mergers and acquisitions, wealth management and business strategy.
"We're extremely pleased to announce that Jean-Sébastien has agreed to join Monster's board of directors," said TomaGold president and CEO David Grondin.
"Monster's ability to attract such a well-regarded individual to its team speaks to the high-quality and compelling aspect of its property portfolio and general business strategy. His vast financial expertise and international network will definitely contribute to the venture success, as we are pushing on finalising the spin-out transaction and financing."
TomaGold announced the spin-out of Monster in January, allowing the company to focus on its interests in other projects in Quebec and Ontario.