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