Tembo Announces $3,000,000 Non-Brokered Private Placement
TEMBO ANNOUNCES $3,000,000 NON-BROKERED PRIVATE PLACEMENT
Vancouver, British Columbia , June 23rd 2021 – Tembo Gold Corp. (TSXV: TEM) ("Tembo" or the
"Company”) is pleased to announce that pursuant to a price reservation filed with the TSX Venture
Exchange (the “Exchange”) on June 7th 2021, the Company proposes to complete a non-brokered private
placement (the “Private Placement”) consisting of 20,000,000 common shares, at a price of $0.15 per share,
for total gross proceeds of up to $3,000,000. The proceeds will be used for general working capital, and
project related costs including drilling and operational field expenses to complete the drilling proposed
for 2021. The Company may pay a finder’s fee in connection with the Private Placement in accordance
with the policies of the Exchange. There will be insider participation in this financing.
The Private Placement is subject to acceptance by the Exchange. All securities issued will be subject to a
four month hold period from the date of closing.
Highlights
• Tembo will raise an amount of $3,000,000 to fund the 2021 drilling programme.
• Drilling will be carried out on the Tembo Project, located adjacent to the Bulyanhulu
underground mining operation of Barrick Gold.
• The drilling is a follow-up to previous drilling programmes that intersected highly significant gold
mineralization with exceptional grades.
• The re -interpretation of Tembo’s extensive database of previous exploration through the
GoldSpot collaboration project highlighted the characteristics of the known targets previously
drilled and identified at least 54 potential targets with these and similar characteristics
commonly associated with gold mineralization in greenstone terranes.
• Drilling will focus around earlier boreholes with good results, with the aim of achieving a detailed
structural understanding of the mineralization so that further targeted follow -up drilling can
follow the mineralisation along strike and downdip with the goal of defining a maiden resource.
• Testing of two newly defined targets will commence with a staged drilling programme consisting
of diamond, RC and RAB drilling.
• A total of 15,000m is planned comprising 2,000m of diamond drilling, 5,500m of RC drilling and
7,500m of RAB drilling.
• It is anticipated that this programme will be completed by the end of Q4 2021.
David Scott, President & CEO of Tembo, stated : “We are extremely happy to be re -mobilising onto the
Tembo project and eagerly await the outcomes of this programme. Through our recent re-interpretation
we are further convinced of the quality of the project and the potential for a significant gold discovery and
anticipate a protracted period of resource and new target drilling beyond 2021.”
2
About Tembo Gold Corp.
Tembo 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 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.
On Behalf of the Board of Directors of Tembo,
David Scott
President & CEO
For more information please contact:
Simon Benstead
Director & VP Corporate Development
Phone: 604-685-9316
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements
are often, but not always, identified by the use of words such as "seek", "anticipate; "plan", "continue; "estimate;
"expect", "may, "will", "intend", "could", "might", "should", "believe" and similar expressions. This news release
contains forward-looking statements in respect of certain anticipated goals and expectations in connection with the
Financing, including, without limitation, the use of the net proceeds from the Financing, the receipt of applicable
shareholder approval in connection with the chan ge of control of the Company, the anticipated lock -up and voting
arrangements to be entered into by the Investor Group, the anticipated reconstitution of the board of directors of
Tembo, the anticipated approval of the TSXV for the Financing and the expect ation that Tembo will remain a public
company following the change of control. Forward-looking statements are based upon the opinions and expectations
of management of the Company as at the effective date of such statements and, in certain cases, informati on
provided or disseminated by third parties. Although the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, and that information obtained from third party
sources is reliable, they can give no assurance that those expectations will prove to have been correct. The forward -
looking statements contained herein after provided for the purpose of providing readers with the Company’s
expectations and goals in connection with the Financing, an d may not be suitable for other purposes. Readers are
cautioned not to place undue reliance on forward-looking statements.