Tonogold Resources, Inc. (OTCPK:TNGL) entered a term sheet to acquire JAG Minerals Pty Ltd for $6.5 million on April 11, 2024. The purchase price will be made up of $4,500,000 in in TONOGOLD shares at a deemed issue price equal to the volume weighted average price (VWAP) for the 15 trading days prior to signing of a Stock Purchase Agreement. A further $2,000,000 will be paid to JAG shareholders at the date of settlement.

The purchase price is subject to Tonogold having a 90-day due diligence period. Tonogold has an exclusive period of 60 days from the signing of this term sheet. As of May 31, 2024, Tonogold amended the term sheet dated to extend the exclusivity period by 35 days to July 30, 2024.