5/26/2024 0 Comments Tembo gold corporation![]() Tembo intends to use the proceeds from the initial Financing for the Acquisition and development of the Project. Taifa, owned by Tanzanian tycoon Rostam Aziz, was founded in 1987 as a civils and earth-moving operation in Mbeya, Tanzania. In conjunction with the Acquisition, Tembo has entered into a binding letter of intent (?LOI?) with Taifa for a financing commitment of CAD 11,520,000 (48,000,000 shares) (the ?Financings?). Following the completion of the Acquisition, a nominee of LVG will be added to Tembo?s Board of Directors and Seth Dickinson will be offered the role of Chief Operating Officer of Tembo. During the escrow period, Tembo (or its nominee) will retain voting rights over the escrowed shares. If Commercial Production is not achieved within 3 years of closing, the escrow shares will be released to LVG. LVG will be required to hold the Tembo shares received as consideration for the Acquisition in escrow in accordance with the share release conditions outlined below: 1/3 of shares released from escrow upon Commercial Production (as defined in the Agreement) being achieved on the Project ? 1/3 of shares (1/2 of remaining shares) released 6 months after Commercial Production and 1/3 of shares (all remaining shares) released 12 months after Commercial Production. Under the Agreement, Tembo will acquire the Project for consideration of C$5,500,000, consisting of approximately 23.6 million common shares of Tembo at a deemed value of CAD 0.22 per share, plus approximately $221,000 cash (CAD 0.296,157). (TSXV:TEM) entered into agreement to acquire Imwelo Gold Project in Tanzania from Lake Victoria Gold Ltd for CAD 4.9 million on August 9, 2023. “However, there has been an immense amount of goodwill on all sides as the financing is clearly in the interests of Tembo and all its stakeholders," he concluded.Tembo Gold Corp. Hall added that negotiating and structuring the transaction had been a protracted process and that there were still some hurdles to overcome. ![]() In line with our restated strategy, we see Tembo as a ‘tipping point’ opportunity, where tightly focused exploration can accelerate the exploration process,” he said. “Stratex and its partners believe they can guide, support and provide the finance for management to focus on priority targets, with infill and step-out drilling, before moving to resource estimation. Stratex chairperson Christopher Hall said Tembo had built on extensive historic work and artisanal activity with encouraging results from more than 35 000 m of drilling on half a dozen targets however, it had yet to report a resource. Stratex would invest up to C$1.66-million in the placement for an initial holding of 10.3% of Tembo, which could increase to 18.7% on exercise of warrants, the company stated, adding that, through a voting pool arrangement, the investor group could control up to 60.5% of Tembo on a fully diluted basis. Tembo management would be realigned with the investor group, providing three out of the company’s five directors, which would include Stratex CEO Bob Foster. Stratex would participate in the placement as part of an investor group, which also included the New Africa Mining Fund 2 and Concept Capital Management. ![]() JOHANNESBURG () – Aim-listed exploration and development company Stratex International on Wednesday announced that it would participate in an C$8.66-million strategic financing agreement for TSX-V-listed Tembo Gold Corporation to allow it to continue with the exploration and evaluation of its Tembo gold property in Tanzania’s Lake Victoria gold belt.
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