Debt Repayment Extension and Director Resignations
Brisbane, April 27, 2023 AEST (ABN Newswire) - As a consequence of the payment today of $500,000 by Tombola Gold Ltd (
ASX:TBA) for the benefit of Vaspip 2 Pty Ltd and Kambea Grove Pty Ltd ATF Kambea Grove Investment Trust (together the secured lenders), which was made from the funds quarantined under the secured facility, an extension has been agreed for the final settlement of the balance of the secured facility to 9 May 2023. Following payment of the $500,000 the current balance of the facility is approximately $4,575,250. Interest and costs will continue to accrue through until final settlement under the terms of the facility announced on 20 February 2023.
The Company wishes to advise of the resignations of Executive Directors Rod Watt and Trevor Coombe. An Appendix 3Z for each Director will be lodged separately. It is envisaged that new Directors will be appointed as part of any further funding arrangements.
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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