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May 15, 2020 sarah

TEMBO Announces Closing A First Tranche Of Its Private Placement

Vancouver, B.C. – May 15th, 2020 – Tembo Gold Corp. (TSXV: TEM) (“Tembo” or the “Company”) is pleased to announce that as final acceptance has been received from the Exchange it has closed the first tranche of the private placement financing (the “Private Placement”) announced in the Company’s news release dated April 14, 2020. In this first tranche 18,860,000 common shares (the “Shares”) were issued at a price of C$0.025 per Share for gross proceeds of C$471,500. The Shares issued pursuant to the first tranche closing of the Private Placement are subject to a hold period under applicable Canadian securities laws, expiring on September 16th 2020. A finder’s fee of 800,000 shares was paid.

The Company intends to use the $471,500 proceeds of the first tranche closing of the Private Placement as follows: cost of the offering, $12,000, project related costs in Tanzania of $251,000, payment of 2018 actual and 2019 estimated audit fees of $72,000, financial statement filing fees and related of $5,000, legal fees of $30,000, accounting fees for 2020 of $30,000, payment of past due accounting fees of $25,000, anticipated costs to hold annual general meeting of $16,500, overhead office type costs of $30,000.

The Company has scheduled an annual and special meeting of its shareholders for June 30, 2020. The Company will be seeking shareholder approval for the annual appointment of directors and the auditor and approval of its rolling 10% stock option plan, an up to 10: 1 share consolidation and the continuance of the Company from Ontario to British Columbia.

About Tembo Gold Corp.

Tembo Gold Crop (TSX-V: TEM) is a Canadian publicly-listed mineral exploration company with a 100% interest in the Tembo Gold Project which is located adjacent to African Barrick’s 14Moz Bulyanhulu Gold Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Tembo’s focus is the discovery and development of world-class gold projects in Africa. The Company has assembled a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa.

The Company’s exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.

On Behalf of the Board of Directors of Tembo,

David Scott

President & CEO

For more information please contact:

Simon Benstead

Director & VP Business Development

Phone: 604-685-9316
Email: investors@tembogold.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate; “plan”, “continue; “estimate; “expect”, “may, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. This news release contains forward-looking statements in respect of certain anticipated goals and expectations in connection with the Financing, including, without limitation, the use of the net proceeds from the Financing, the receipt of applicable shareholder approval in connection with the change of control of the Company, the anticipated lock-up and voting arrangements to be entered into by the Investor Group, the anticipated reconstitution of the board of directors of Tembo, the anticipated approval of the TSXV for the Financing and the expectation that Tembo will remain a public company following the change of control. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. The forward-looking statements contained herein after provided for the purpose of providing readerswith the Company’s expectations and goals in connection with the Financing, and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements.

Contact

STAY UP TO DATE WITH TEMBO GOLD

Tembo Gold Corporation

Suite 1305, 1090 West Georgia Street
Vancouver, BC,
V6E 3V7

Tanzania Office

Plot 1099 31 Merarani Rd, Masaki
Dar es Salaam, Tanzania
MOB: 255 767 366 146

Investor Relations

investors@tembogold.com

604-685-9316

TEMBO GOLD CORP

Focused on the discovery and development of gold projects in Africa.

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