1/11/2024 0 Comments Tembo goldClosing of the Transaction and Private Placement is expected to occur in the first quarter of 2022.ĭavid Scott, President & CEO, stated “ This agreement is a key milestone in the advance of Tembo’s exploration on the Licence Area that the Company has long considered some the most prospective in the Lake Victoria goldfield, and a very significant confirmation of the oft stated potential for a significant gold discovery on this ground. The Transaction and the Private Placement are subject to the approval of the TSX Venture Exchange (“ TSXV”), certain regulatory approvals in Tanzania, and other closing conditions customary in transactions of this nature. acted as financial advisor to the Company in connection with the Transaction. 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.Ĭoncurrently with the execution of the Purchase Agreement, Buly has agreed to subscribe for, on a non-brokered private placement basis, 5,518,764 of common shares of Tembo at a price of C$0.27 per common share (the “ Private Placement”) resulting in a proforma ownership of 5.5%. The Licences are located in areas on which Tembo has not previously focused its exploration activities. 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 closing of the Transaction.Contingent payments calculated 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. US$6,000,000 upon closing of the Transaction. Under the terms of the Purchase Agreement, the consideration payable and future commitments by Buly are as follows: Pursuant to the Purchase Agreement, MIPCCL has agreed to sell to Buly a 100% ownership interest in six prospecting licences (the “ Licences”) held by MIPCCL located in Tanzania (the “ Transaction”). (TSXV: TEM) (“ Tembo” or the “ Company”) is pleased to announce that it has entered into a binding agreement with Barrick Gold Corporation (TSE: ABX NYSE: GOLD) (“ Barrick”), Bulyanhulu Gold Mine Limited (“ Buly”), a subsidiary of Barrick, and Mineral Industry Promotion and Consulting Company Limited (“ MIPCCL”), a wholly-owned subsidiary of the Company, dated December 7 th, 2021 (the “ Purchase Agreement”) in respect of the sale of certain non-core prospecting licenses. Vancouver, December 7 th, 2021 – Tembo Gold Corp.
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