As final acceptance has been received from the exchange, Tembo Gold Corp. has closed the first tranche of the private placement financing announced in the company's news release dated April 14, 2020. In this first tranche 18,860,000 common shares (the "Shares") were issued at a price of C$0.025 per Share for gross proceeds of C$471,500. The Shares issued pursuant to the first tranche closing of the Private Placement are subject to a hold period under applicable Canadian securities laws, expiring on September 16th 2020. A finder's fee of 800,000 shares was paid.
The Company intends to use the $471,500 proceeds of the first tranche closing of the Private Placement as follows: cost of the offering, $12,000, project related costs in Tanzania of $251,000, payment of 2018 actual and 2019 estimated audit fees of $72,000, financial statement filing fees and related of $5,000, legal fees of $30,000, accounting fees for 2020 of $30,000, payment of past due accounting fees of $25,000, anticipated costs to hold annual general meeting of $16,500, overhead office type costs of $30,000.
The Company has scheduled an annual and special meeting of its shareholders for June 30, 2020. The Company will be seeking shareholder approval for the annual appointment of directors and the auditor and approval of its rolling 10% stock option plan, an up to 10: 1 share consolidation and the continuance of the Company from Ontario to British Columbia.
About Tembo Gold Corp.
Tembo Gold Crop (TSX-V: TEM) is a Canadian publicly-listed mineral exploration company with a 100% interest in the Tembo Gold Project which is located adjacent to African Barrick's 14Moz Bulyanhulu Gold Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Tembo's focus is the discovery and development of world-class gold projects in Africa. The Company has assembled a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa.
The Company's exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.
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