Tembo Gold Corp. (OTCMKTS:TBGPF) (TSXV:TEM) Releases Update about Agreement with Barrick Gold

Shares of Tembo Gold Corp. (OTCMKTS:TBGPF) (TSXV:TEM) have been under pressure over the past week.

Market Action

On Friday, TBGPF stock fell 6.12% to $0.1990 with 137 shares, compared to its average volume of 5K shares. The stock moved within a range of $0.1990 – 0.1990 after opening trade at $0.1990.

Tembo Gold Provides Update on Agreement with Barrick Gold for Sale of Non-Core Licences and Equity Investment

Tembo Gold Corp. (OTCMKTS:TBGPF) (TSXV: TEM) has provided an update to its news release on December 7, 2021, about the sale of non-core licenses to, and an equity placement by, Barrick Gold Corporation’s Tanzanian subsidiary, Bulyanhulu Gold Mine Limited.

Tembo Gold has a 100% in the Tembo Gold Project, and is currently focused on discovering and developing gold projects in Africa. That is why it has brought together an experienced team with expertise in developing, financing, and operating mining projects in Africa. They are seeking mineral resources, while working on more opportunities to bring value to the company and its shareholders.

As of now, the company is in the process of acquiring the required regulatory approvals in Tanzania as more particularly set out in the asset purchase agreement a copy of which has been filed on the company’s profile on SEDAR in order to complete the sale of the non-core licenses.

Moreover, as required by the TSX Venture Exchange, Barrick on behalf of Bulyanhulu, has paid the subscription funds in respect of the equity investment (private placement), to Tembo Gold’s legal counsel to be held in escrow till the sale of non-core licenses and the private placement is officially completed (expected in Q1 of 2022).

Traders Note

TBGPF stock is trading above the 50-Day and 100-Day Moving averages of $0.1971 and $0.1898. Moreover, the stock is trading is the neutral zone with RSI stands at 45.

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