Tembo Applies FOR Management Cease Trade Order
TEMBO APPLIES FOR MANAGEMENT CEASE TRADE ORDER
Vancouver, June 10, 2020 – Tembo Gold Corp. (TSXV: TEM) ("Tembo" or the "Company”) announces that
it has made an application to the applicable regulatory authorities for a management cease trade order
(“MCTO”) to extend the filing deadline of its annual audited consolidated financial statements,
management’s discussion and analysis and chief executive officer and chief financial officer certifications
for the financial year ended December 31, 2019 (collectively, the “ Required Filings”). As previously
announced, the Company has relied on the 45-day filing extension for its Required Filings provided under
BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements to extend its
filing deadline from April 29, 2020 to June 15, 2020. The Company anticipates that it will be unable to file
its Required Filings by the deadline of June 15, 2020. Accordingly, the Company has made an application
to the applicable regulatory authorities for an MCTO. A blackout period will be in effect, until the Required
Filings are filed and the MCTO is revoked.
Recent events pertaining to COVID -19 have caused significant disruptions to the Company’s workforce
and operations. COVID-19 has impacted the availability of employees and resources and the ability of the
Company and its employees and its auditors’ to rely on timely information, as well as caused difficulties
in obtaining financial information from the Company’s subsidiaries in Tanzania to prepare its Required
Filings. These disruptions have caused a delay in completing the Required Filings by the required deadline.
The Company has engaged an audit or in Tanzania and expects to receive the required financial
information from its Tanzanian subsidiaries by mid-June, 2020. The Company will work diligently with its
auditors to file the Required Filings by July 15, 2020. The Company confirms that it intends to satisfy the
provisions of the alternative information guidelines set out in National Policy 12-203 Management Cease
Trade Orders for so long as it remains in default of the filing requirements set out herein.
The Company confirms that, as at the da te hereof, there are no insolvency proceedings against it and
there is no other material information concerning the affairs of the Company that has not been generally
disclosed.
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 conti nue 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:
2
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, including, without limitation, the
anticipated filing date for the Required Filings. 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 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. Readers are cautioned not to place undue reliance on
forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may
differ materially from results contemplated by the forward-looking statements. Factors that could cause
actual results to differ materially from those in forward -looking statements include that the Company
does not file its Required Filings by the anticipated date. Accordingly , the actual events may differ
materially from those projected in the forward -looking statements. When relying on forward -looking
statements to make decisions, investors and others should carefully consider the foregoing factors and
other uncertainties and should not place undue reliance on such forward -looking statements. The
Company does not undertake to update any forward -looking statements, except as may be required by
applicable securities laws.