Tembo Announces Closing a First Tranche of Its Private Placement
FOR IMMEDIATE RELEASE
TEMBO ANNOUNCES CLOSING A FIRST TRANCHE OF ITS PRIVATE PLACEMENT
Vancouver, B.C. – May 15th, 2020 – Tembo Gold Corp. (TSXV: TEM) (“Tembo” or the “Company”) is pleased to
announce that as final acceptance has been received from the Exchange it has closed the first tranche of the private
placement financing (the “ Private Placement”) announced in the Company’s news release dated April 14, 2020. In
this first tranche 18,860,000 common share s (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 cos ts 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 appointm ent of directors and the auditor and approval of its rolling
10% stock option plan, a n 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 a nd 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.
On Behalf of the Board of Directors of Tembo,
David Scott
President & CEO
For more information please contact:
Simon Benstead
Director & VP Business Development
Phone: 604-685-9316
Email: [email protected]
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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 u se of the net proceeds from the Financing, the receipt of
applicable shareholder approval in connection with the change of control of the Company, the anticipated lock -up
and voting arrangements to be entered into by the Investor Group, the anticipated rec onstitution of the board of
directors of Tembo, the anticipated approval of the TSXV for the Financing and the expectation 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,
information provided or disseminated by third parties. Although the Company believes that the expectations
reflected in such forward -looking stateme nts 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 provide d for the purpose of providing readers
with the Company’s expectations and goals in connection with the Financing, and may not be suitable for other
purposes. Readers are cautioned not to place undue reliance on forward-looking statements.