Tembo's focus is the discovery and development of gold projects in Africa. Tembo is a Canadian publicly listed mineral exploration company (TEM on the TSX Venture Exchange) with a 100% interest in the Tembo Gold Project. The Company has obtained the required regulatory approvals in Tanzania for the Transaction. The Private Placement is subject to the final approval of the TSX Venture Exchange (" TSXV"). acted as financial advisor to the Company in connection with the Transaction. The Common Shares issued to Buly are subject to a four month and one day statutory hold period. The Company intends to use the net proceeds from the Private Placement for general working capital and project related costs including drilling and operational field expenses.
TEMBO GOLD PRO
Many thanks to our patient and committed shareholders who helped us keep Tembo going during the long period of care and maintenance."Ĭoncurrently with the completion of the Transaction, Buly subscribed for, on a non-brokered private placement basis, 5,518,764 common shares of Tembo (the " Common Shares") at a price of C$0.27 per Common Share (the " Private Placement") resulting in a pro forma ownership of 5.5% of Tembo. We look forward to the results of the two exploration programs that will be running concurrently and expect first news of our drilling to be released within eight weeks of commencement of drilling.
The confidence we have had in the Tembo project since our earlier drill programs is now to be tested. Tembo retains its core licence on which all exploration activities over the past two drilling campaigns have been conducted, and on which there remains a significant number of untested new targets, as well as the three prime targets on which the bulk of the drilling was carried out.ĭavid Scott, President and CEO of Tembo, commented "The waiting for this closure is over and the Tembo team is in place and ready to deploy the drills. The Licences are located in areas on which Tembo has not previously focused its exploration activities. (TSXV: TEM) (" Tembo" or the " Company") is pleased to announce that it has completed its previously announced sale of certain non-core prospecting licenses in Tanzania (the " Licenses") with Barrick Gold Corporation (" Barrick") and Bulyanhulu Gold Mine Limited (" Buly"), a subsidiary of Barrick (the " Transaction"), in consideration for: (i) US$6,000,000 (ii) contingent payments to be based on the inferred, indicated and measured gold mineral resources identified in the areas of land which are covered by the Licenses (the " Licence Area") up to an aggregate amount of US$45,000,000 and (iii) a requirement for Buly to invest a minimum of US$9,000,000 in the Licence Area over the course of the four years following the completion of the Transaction. Vancouver, British Columbia-(Newsfile Corp.
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