Tonogold Resources Inc (TNGL)

[ComstockRoyalty]

Tonogold Heading to TSX.V - Tonogold will now be seeking a listing on the Toronto Venture Exchange (TSXV) by way of an IPO to coincide with a capital raising in order to provide the funding to complete this acquisition and to fund the advancement of the project over the next 12-months. Further details in this respect (timing, IPO terms, participation rights of current Tonogold shareholders, etc) will be advised to the market in due course.

Under the New Agreement, Tonogold will pay Comstock $15 million, of which a non-refundable deposit of $1 million was paid on January 23rd 2019 (on signing the New Agreement), with the remaining $14 million payable, at Tonogold's election, by either:

$9 million cash on Completion plus $5 million cash 12-months from Completion, or
$10.5 million cash plus $1.75 million in Tonogold shares (at the IPO price) at Completion plus $1.75 million in cash or, at Tonogold's election, Tonogold shares 12-months from Completion at the weighted average share price at that time.