Results of Successful Private Placement
Brisbane, July 25, 2022 AEST (ABN Newswire) - The Board of Tombola Gold Ltd (
ASX:TBA) is pleased to advise that it has secured firm commitments for gross proceeds of approximately $4.6m pursuant to a private placement, which will settle subject to shareholder approval at the Company's EGM, expected to be convened in the next weeks. The placement was priced at 3.5 cents per share and will result in 131,663,067 shares being issued, following shareholder approval.
On 10 May 2022, the Company announced a placement of up to $10.5 million dollars, with $7.1 million settling at that time under Tranche 1, and a further $3.4 million settling under Tranche 2 following the Company convening a shareholders meeting. Due to market conditions, Tranche 2 has been cancelled, and this placement effectively replaces Tranche 2 of the 10 May 2022 placement.
The Company plans to use the funds raised to continue the development of the Lorena CIL plant, close-out the acquisition of the True North Pty Ltd gold tenements once Due Diligence is completed and finish off the drilling programs at Little Duke, Mt Scheelite and Musk.
About Tombola Gold Ltd
Tombola Gold Ltd (ASX:TBA) is a company assembled by experienced, exceedingly well-qualified and all very well rounded team members that have previously floated exploration companies which achieved major resource discoveries and success. Between the Tombola team members, Tombola as a company have well over 100 years of accumulated experience in the mining, exploration and resource sector. Tombola principal objective is to acquire assets to explore for and develop a large IOGC or porphyry deposit funded by low-risk gold production resources. To that end, Tombola has a license covering 970 sq km prospective for gold/copper in the Mount Bryan-Red Banks-World's End area near Burra in South Australia; with strategic agreements with Queensland Mining Corporation.
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