Vancouver, June 10, 2020 – Tembo Gold Corp. (TSXV: TEM) (“Tembo” or the “Company”) announces that it has made an application to the applicable regulatory authorities for a management cease trade order (“MCTO”) to extend the filing deadline of its annual audited consolidated financial statements, management’s discussion and analysis and chief executive officer and chief financial officer certifications for the financial year ended December 31, 2019 (collectively, the “Required Filings”). As previously announced, the Company has relied on the 45-day filing extension for its Required Filings provided under BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements to extend its filing deadline from April 29, 2020 to June 15, 2020. The Company anticipates that it will be unable to file its Required Filings by the deadline of June 15, 2020. Accordingly, the Company has made an application to the applicable regulatory authorities for an MCTO. A blackout period will be in effect, until the Required Filings are filed and the MCTO is revoked.
Recent events pertaining to COVID-19 have caused significant disruptions to the Company’s workforce and operations. COVID-19 has impacted the availability of employees and resources and the ability of the Company and its employees and its auditors’ to rely on timely information, as well as caused difficulties in obtaining financial information from the Company’s subsidiaries in Tanzania to prepare its Required Filings. These disruptions have caused a delay in completing the Required Filings by the required deadline. The Company has engaged an auditor in Tanzania and expects to receive the required financial information from its Tanzanian subsidiaries by mid-June, 2020. The Company will work diligently with its auditors to file the Required Filings by July 15, 2020. The Company confirms that it intends to satisfy the provisions of the alternative information guidelines set out in National Policy 12-203 Management Cease Trade Orders for so long as it remains in default of the filing requirements set out herein.
The Company confirms that, as at the date hereof, there are no insolvency proceedings against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About Tembo Gold Corp.
Tembo 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 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,
President & CEO
For more information please contact:
Director & VP Corporate Development
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, including, without limitation, the anticipated filing date for the Required Filings. 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. Readers are cautioned not to place undue reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include that the Company does not file its Required Filings by the anticipated date. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.