TomaGold to sell three properties to Northern Superior Resources

MONTREAL - TomaGold Corporation (TSXV:LOT) announced it has signed a definitive asset purchase agreement with Northern Superior Resources Inc. (TSXV:SUP; OTCQX:NSUPF), a mining company with a market capitalization of $281.5M currently trading at $2.37, for the sale of its wholly-owned Hazeur, Monster Lake East and Monster Lake West properties. According to InvestingPro analysis, Northern Superior maintains a strong financial position with liquid assets exceeding short-term obligations.

The transaction, which was initially disclosed on June 16, is expected to close next week, according to the company’s statement released Friday.

TomaGold, a Canadian mineral exploration company, focuses on acquiring and developing gold, copper, rare earth elements and lithium projects, with a primary goal of consolidating the Chibougamau Mining Camp in northern Quebec.

Beyond the three properties involved in this transaction, TomaGold maintains interests in two gold properties near the Chibougamau Mining Camp: Obalski and Doda Lake. The company also holds a 100% interest in a lithium property and the Star Lake rare earth elements property in Quebec’s James Bay region, as well as a 24.5% stake in the Baird property near Ontario’s Red Lake mining camp through a joint venture with Evolution Mining Ltd. and New Gold Inc.

No financial details of the transaction were disclosed in the company’s press release.

The announcement comes as part of TomaGold’s ongoing activities in the Canadian mining sector, where it has agreements to acquire 13 additional properties in the Chibougamau Mining Camp.

In other recent news, Superior Industries International, Inc. has faced several significant developments. The company received a notice from the New York Stock Exchange (NYSE) for non-compliance with its stock price and market capitalization requirements. Superior’s stock has traded below the $1.00 per share threshold, and its market capitalization fell below the NYSE’s minimum of $50 million, leading to potential delisting. Superior has a six-month period to address the stock price issue and must submit a business plan within 45 days to tackle the market capitalization concern. Additionally, Moody’s Ratings downgraded Superior’s corporate family rating to Caa3, citing expected distressed exchanges and liquidity issues.

In governance news, Superior expanded its Board of Directors by appointing Keshav Lall as an independent director. This move comes as the company aims to strengthen its leadership amidst financial challenges. Furthermore, Superior’s stockholders approved an amendment to the company’s 2018 Equity Incentive Plan, increasing the number of shares authorized for issuance by 1.7 million. Despite these efforts, Moody’s noted the company’s ongoing discussions with lenders to reduce financial leverage, with a distressed exchange highly likely. Superior’s management is working towards improving its financial situation to avoid further downgrades and potential delisting.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.