Suspension Update
Brisbane, Mar 31, 2023 AEST (ABN Newswire) - Further to its previous ASX releases, Tombola Gold Ltd (
ASX:TBA) wishes to provide the market with a brief update as it works towards the re-quotation of its securities on the ASX.
Suspension of Securities
As shareholders would be aware, the Company's securities have been in voluntary suspension since December 2022. As the Company is yet to finalise and lodge its half-year financial statements for the period to 31 December 2022, the Company's securities are now under ASX-imposed suspension due to the Company's failure to meet the requirements of Listing Rule 4.2A.
The Company's securities will remain in suspension until it satisfies a number of conditions to the satisfaction of the ASX, including:
- the lodgement of its half yearly financial statements (Listing Rule 4.2);
- the adequacy of the Company's operations (Listing Rule 12.1); and
- the adequacy of the Company's financial condition (Listing Rule 12.2).
The Company is working towards the satisfaction of these conditions within a two (2) month timeframe.
Gold Processing Activities
Gold processing at the GAM plant continues, with two (2) further gold pours scheduled over the next four (4) weeks, before the plant is decommissioned by 30 April 2023.
The Company is planning an announcement next week providing details of its operational activities at the GAM plant. However, for the reasons outlined above, this release will not lead to the re-quotation of the Company securities.
Corporate Activities
The Company continues to progress discussions with numerous parties regarding refinancing arrangements to facilitate the discharge of the Company's current liabilities, including the $4.25m loan advanced on the terms outlined in the Company's release of 20 February 2023.
Once the Company has finalised suitable arrangements, a further release will be made to the market, which will include an update on the targeted timeframe for the satisfaction of all of the matters outlined above, and the re-quotation of the Company's securities on the ASX.
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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