- Tembo Gold (TEM) has provided an update on the sale with Barrick Gold’s (ABX) Tanzanian subsidiary, Bulyanhulu Gold Mine Limited
- Tembo is now in the final process of obtaining regulatory approvals in Tanzania
- Buly has agreed to subscribe for 5.5 million Tembo common shares for $1.3 million
- The transaction and private placement are expected to close in the coming weeks
- Tembo Gold Corp. (TEM) is unchanged trading at $0.25 per share as of 11:30 a.m. ET
- Barrick Gold Corporation (ABX) is up 0.52 per cent and is trading at $31.84 per share as of 11:30 a.m. ET
Tembo Gold (TEM) has provided an update on the sale of non-core licenses with Barrick Gold’s (ABX) Tanzanian subsidiary, Bulyanhulu Gold Mine Limited.
Tembo is now in the final process of obtaining the required regulatory approvals in Tanzania.
The licences are in areas where Tembo has not previously focused its exploration activities.
Tembo retains its core licence on which all exploration activities over the past two drilling campaigns have been conducted, and where there remains a to be a significant number of untested new targets. It also covers three prime targets on which the bulk of the drilling was carried out.
In connection with the purchase agreement, Buly has agreed to acquire 5.5 million common shares of Tembo for $1.3 million on a non-brokered private placement basis.
The transaction and private placement are expected to close in the coming weeks.
Tembo Gold Corp. (TEM) is unchanged trading at $0.25 per share as of 11:30 a.m. ET.
Barrick Gold Corporation (ABX) is up 0.52 per cent and is trading at $31.84 per share as of 11:30 a.m. ET.