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Tembo Announces Initial Closing of Non-Brokered Private Placement and Appointment of Ian Stalker to Advisory Board
Vancouver, British Columbia--(Newsfile Corp. - August 3, 2021) - Tembo Gold Corp. (TSXV: TEM)...
About this update from Lake Victoria Gold Ltd
[{"type":"text","content":"Tembo Announces Initial Closing of Non-Brokered Private Placement and Appointment of Ian Stalker to Advisory BoardVancouver, British Columbia--(Newsfile Corp. - August 3, 2021) - Tembo Gold Corp. (TSXV: TEM) (\"Tembo\" or the \"Company\") is pleased to announce an initial closing of its non-brokered private placement financing (the \"Financing\") announced on June 23, 2021. The Company issued a total of 14,103,365 common shares (the \"Shares\") at a price of $0.15 per Share. A finder's fee of 500,000 shares, at deemed price of $0.15 per share, was paid on a portion of the financing. All Shares issued are subject to a four month hold period from the date of closing.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. Certain directors of the Company participated in the Financing and purchased an aggregate of 1,469,982 Shares for aggregate gross proceeds of C$220,497, as well as the Phoenix Gold Fund for 10,000,000 Shares for gross proceeds of C$1,500,000.The participation in the Financing by the directors of the Company constitutes related party transactions pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the participation in the Private Placement in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the transaction does not exceed 25% of the Company's market capitalization.The Company is also pleased to announce the appointment of Ian Stalker to its Advisory Board joining Emma Priestley and Bob Foster previously announced.About Ian StalkerMr. Ian Stalker has over 40 years' experience in development and mining projects across multiple jurisdictions in Africa, Europe, South America, and Australia. He has significant experience in the corporate arena and has been involved with numerous M&A transactions across a wide range of companies. He has also raised over US$700 million for mineral resource projects, with a proven track record of delivering significant shareholder returns for investors.Mr. Stalker has held senior positions at major ...