TSX-V: TT Signing of the Asset Purchase Agreement for Two Gold Projects

Core Viewpoint - Total Metals Corp. has entered into a definitive Asset Purchase Agreement to acquire 100% of McFarlane Lake Mining Limited's rights in the High Lake and West Hawk Lake gold projects located near Kenora, Ontario [1][5]. Financial Details - The acquisition will involve a cash payment of $7,250,000 and the issuance of 3,333,333 common shares at a deemed price of $0.60, totaling a consideration of approximately $8,250,000 [2]. - The company plans to raise up to $10,000,000 through Concurrent Financing to fund the acquisition and other activities [3][4]. Use of Proceeds - The proceeds from the Concurrent Financing will be allocated as follows: - $7,250,000 for the acquisition - Approximately $1,542,500 for exploration activities on the Electrolode Project - $20,000 for Indigenous consultation and permitting - Approximately $800,000 in finders' fees - $387,500 for general working capital [4]. Project Overview - Following the transaction, Total Metals will hold high-grade gold assets with established infrastructure and strong exploration potential in a proven mining district [5]. - The Electrolode Project, which is fully permitted for exploration drilling, covers 3,000 contiguous hectares and targets high-potential mineral resources [7].