TSXV:TBLL
TORONTO, Sept. 18, 2024 /CNW/ - (TSXV: TBLL) Tombill Mines Limited (the "Company" or "Tombill"), granted options (the "Stock Options") to purchase an aggregate of 5,400,000 common shares of the Company (the "Shares") to certain directors, officers and consultants. The Stock Options are exercisable at a price of $0.05 per Share, expiring five years from the date of grant.
10% of the Stock Options vest immediately, 15% of the Stock Options vest on first anniversary of the Grant Date, 33% of the Stock Options vest on second anniversary of the Grant Date and 42% of the Stock Options vest on the third anniversary of the Grant Date.
The aforementioned issuance of Stock Options resulted in certain directors and officers of the Company receiving an aggregate of 5,150,000 Stock Options of the Company. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), contained in section 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.
The Stock Options described above and the Shares underlying the Stock Options are subject to a four-month and one day hold period from the date of grant in accordance with applicable Canadian securities laws.
About Tombill
Founded 1935, by Newmont Mining and prospectors' 'Tom' and 'Bill' Johnson, Tombill (TSX-V: TBLL) owns 2 of the 11 current plus past-producing mines in the Geraldton gold district, 4 claim groups, of which 3 are situated in the Geraldton gold district of north-central Ontario (about 225 km NE of Thunder Bay). Our Main Group patents borders on the Greenstone Mine, which according to Equinox will be Canada's 3rd largest gold mine by annual production and its highest grading open pit mine. Holdings comprise 74 royalty-free mining claims (60 fully owned patented claims, 5 leases, 9 mineral rights only). The Tombill Gold Mine produced 68,737 high-grade gold oz between 1938 and 1942 in the southeast corner of those patented 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 oz).
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Tombill Mines Limited
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