Tombill Mines arranges $500,000 private placement Tombill Mines arranges $500,000 private placement
2025-05-23 15:48 ET - News Release
Mr. Adam Horne reports
TOMBILL ANNOUNCES PRIVATE PLACEMENT OF UNITS
Tombill Mines Ltd. intends to complete a non-brokered private placement of up to $500,000.
The offering will comprise up to 50 million units of the company at a price of one cent per unit for gross proceeds of up to $500,000.
Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of five cents for a period of 60 months after closing. Certain insiders of Tombill may participate in the offering and it is anticipated that the total participation by insiders will exceed 50 per cent of the offering.
The company intends to use the proceeds from the offering for working capital and fieldwork purposes in 2026 and 2027. It is anticipated that over 10 per cent of the gross proceeds from the offering will be used for fieldwork on the Geraldton property. None of the proceeds will be used for payments to persons conducting investor relations activities.
Completion of the offering is subject to the acceptance of the TSX Venture Exchange. The securities issued pursuant to the offering will be subject to a hold period of four months plus one day from the date of closing in accordance with applicable Canadian securities laws and the policies of the TSX-V. No commissions or finders' fees will be paid in connection with the offering.
About Tombill Mines Ltd.
Founded 1935, by Newmont Mining and prospectors Tom and Bill Johnson, Tombill owns two of the 10 past-producing mines in the Geraldton gold district on four claim groups, of which three are situated in the Geraldton gold district of northern-central Ontario (about 225 kilometres northeast of Thunder Bay). Geraldton offers optimal and installed mining infrastructure. Holdings comprise 74 royalty-free mining claims (60 fully owned patented claims, five leases and nine mineral rights only). Of these, the 51-patented-claim Main Group is in the centre of the Geraldton gold district and straddles the Trans-Canada Highway; the five-claim Ellis Group lies four kilometres south of the town of Geraldton; and the original Tombill Mine Group of six patented claims sits 10 kilometres west-southwest of Geraldton. The Tombill gold mine produced 68,737 high-grade gold ounces between 1938 and 1942 in the southeastern corner of the claim group. The Talmora Longlac mine, located in the northeast of the Main Group property, was built in 1941 but saw only minor production before closing in 1942 (1,406 gold ounces). The company's Main Group borders on the Greenstone mine, which is one of Canada's largest gold mines by annual production.
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