Business
Tembo Gold Corp. Completes C$2.95 Million Brokered Tranche of Equity Financing
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About this update from Lake Victoria Gold Ltd
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE,\n PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN\n WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n\n\nTORONTO, Oct. 25, 2012 /CNW/ - Tembo Gold Corp. (TSX-V:TEM) (\"Tembo\" or the \"Company\") is pleased to announce that it has issued 5,896,000 units (the \"Units\") of the Company at a price of C$0.50 per Unit for aggregate gross\n proceeds of C$2,948,000 pursuant to its previously announced private\n placement (the \"Offering\"). The Company expects to close a second non-brokered tranche of the\n Offering on or about October 30, 2012.\n\n\nEach Unit consists of one common share of the Company and one-half of\n one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable for one common share of the Company\n until April 25, 2014 at an exercise price of C$0.80.\n\n\nCanaccord Genuity Corp., Dundee Securities Ltd., Raymond James Ltd.,\n Cantor Fitzgerald Canada Corporation and Casimir Capital Ltd.\n (collectively, the \"Agents\") acted as agents for and on behalf of Tembo pursuant to an agency\n agreement dated as of October 25, 2012.  Pursuant to the terms of the\n agency agreement, the Agents received a commission equal to C$206,360\n paid out of the gross proceeds of the Offering (which at the election\n of the Agents was received in cash equal to C$203,860 and 5,000 Units)\n and 412,720 broker warrants (the \"Broker Warrants\") each of which is exercisable to acquire one common share of the\n Company at a price of $0.50 until April 25, 2014.\n\n\nThe securities issued are subject to a hold period expiring February 26,\n 2013 in accordance with the rules and policies of the TSX Venture\n Exchange and applicable Canadian securities laws and such further\n restrictions as may apply under foreign securities laws.\n\n\nThe net proceeds from the Offering will be used for the exploration and\n development of the Company's projects in Tanzania and for general\n working capital purposes.  The Offering remains subject to the final\n approval of the TSX Venture Exchange.\n\n\nThis news release does not constitute an offer to sell or a solicitation\n of an offer to buy any of the securities in the United States. The\n securities have not been and will not be registered under the United\n St...