Toogood Gold Receives TSXV Approval and Issues Shares Pursuant to Table Mountain Option Agreement
Rhea-AI Summary
Toogood Gold (TSXV:TGC, OTCQB:TGGCF) has received TSX Venture Exchange approval for an exploration lease and option to purchase agreement dated May 26, 2026, under which its wholly owned subsidiary Toogood Gold (US) holds an exclusive option to acquire a 100% interest in the Table Mountain Gold-Silver Project in Lincoln County, Nevada, subject to a 3.0% net smelter returns (NSR) royalty.
Following TSXV approval, Toogood issued a First Share Payment of 1,000,000 common shares at a deemed price of $0.10 per share, split 500,000 to GenEx Exploration and 500,000 to Altius, and reimbursed US$31,791 of staking costs to the Canadian optionors. To fully exercise the option, Toogood must issue a further 15,683,431 shares to GenEx in stages over two years from TSXV approval. The NSR includes buydown rights allowing Toogood to reduce the royalty by up to 1.0% for cash payments of US$5,000,000 and US$15,000,000, which would lower the NSR to 2.0% if both are exercised.
Positive
- TSXV approval of Table Mountain option agreement received
- 1,000,000 shares issued as initial consideration at $0.10
- Exclusive option to acquire 100% interest in Nevada gold-silver project
- NSR buydown could reduce royalty from 3.0% to 2.0%
Negative
- Up to 16,683,431 shares issuable to exercise option, causing dilution
- NSR buydown costs up to US$20,000,000 in cash
- Ongoing 3.0% NSR royalty if buydown rights not exercised
News Market Reaction – TGGCF
In the Jul 16 session, TGGCF gained 15.29%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Vancouver, British Columbia--(Newsfile Corp. - July 16, 2026) - Toogood Gold Corp. (TSXV: TGC) (OTCQB: TGGCF) (FSE: D3P) ("Toogood" or the "Company") announces that, further to its news release dated May 29, 2026, the Company has received approval of the TSX Venture Exchange (the "TSXV") in respect of the exploration lease and option to purchase agreement dated May 26, 2026 (the "Option Agreement") among the Company's wholly-owned subsidiary, Toogood Gold (US) Inc. ("Toogood US"), GenEx Exploration Inc. ("Optionor"), Orogen Royalties Inc. ("Orogen"), and Altius Resources Inc. ("Altius", and together with Orogen, the "Canadian Optionors"), pursuant to which Toogood US has been granted the exclusive option to acquire a
In connection with the receipt of TSXV approval, the Company has issued an aggregate of 1,000,000 common shares (the "First Share Payment") at a deemed price of
In order to exercise the option, the Company is required to issue an aggregate of 16,683,431 common shares to the Optionor, of which 1,000,000 common shares have been issued as the First Share Payment. The remaining share payments are as follows: (i) 3,500,000 common shares on or before the date that is six months from the date of TSXV approval; (ii) 5,500,000 common shares on or before the first anniversary of the date of TSXV approval; and (iii) 6,683,431 common shares on or before the second anniversary of the date of TSXV approval.
The Option Agreement provides for a
For additional details regarding the Option Agreement and the Project, please refer to the Company's news release dated May 29, 2026.
About Toogood Gold Corp.
Toogood Gold Corp. is a Canadian exploration company focused on the discovery and advancement of high-grade gold systems in tier-one mining jurisdictions. The Company has two core areas of focus: the Table Mountain Project in Nevada, where the Company has an option to earn a
On Behalf of the Board of Directors
Colin Smith
Director & CEO
Toogood Gold Corp.
For further information, contact:
Colin Smith, Director & CEO
+1 778 726-3356
Additional information about Toogood Gold Corp. can be found at www.sedarplus.ca.
Forward-Looking Information
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Generally, forward looking information can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company's properties; the effect of changes in commodity prices; regulatory risks that development of the Company's material properties will not be acceptable for social, environmental or other reasons; availability of equipment (including drills) and personnel to carry out work programs; and that each stage of work will be completed within expected time frames. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305391