After six months without a single press release, Tembo Gold (TEM.V) is waking up from a deep sleep and has announced a strategic deal whereby a consortium of new investors will participate in a financing deal at C$0.15/share with a full warrant at C$0.16 exercisable for three years.
NAMF will take down roughly C$2.5M of the financing, which is approximately the same amount Concept Capital Management is taking. London-listed Stratex (LON:STI) will participate for C$1.65M. This deal is subject to a minimum of C$7M being raised, which means Tembo must find approximately C$0.35M on its own.
The new shareholders will have the majority of the outstanding amount of shares and will very likely be keen to get the drill rigs turning again on the ground. We hope the private placement will close soon so we can get a steady flow of drill results from next year on.
Disclosure: The author holds a long position in Tembo Gold. Tembo is a sponsor of the website. Please see our disclaimer for current positions.