July 25, 2018, Tembo Gold Corp. (TSXV: TEM) (FRANKFURT: T23) (“Tembo” or the “Company”) announces that further to its press releases dated April 12, 2018, May 1, 2018, May 15, 2018, May 29, 2018, June 1, 2018, June 12, 2018, June 27, 2018 and July 11, 2018, it has not filed 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, 2017 (collectively, the “Required Filings”), which were required to be filed by April 30, 2018. Tembo has also not filed its condensed consolidated interim financial statements, management’s discussion and analysis and chief executive officer and chief financial officer certifications for the three months ended March 31, 2018, which were required to be filed by May 30, 2018. The British Columbia Securities Commission granted a management cease trade order against the Company’s chief executive officer and chief financial officer (“MCTO”) on May 1, 2018.
Pursuant to the requirements of Section 10 of National Policy 12-203 Management Cease Trade Orders (the “Alternative Information Guidelines”), the Company reports the following:
- There have been no material changes in the affairs of the Company and work is progressing on the Company’s audit;
- there has not been any failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the Alternative Information Guidelines;
- there has not been, nor is there anticipated to be, any specified default subsequent to the failure of the Company to file the Required Filings by April 30, 2018; and
- there is no other material information about the affairs of the Company that has not been generally disclosed.
The Company confirms that it intends to satisfy the provisions of the Alternative Information Guidelines for so long as it remains in default of the filing requirements set out herein.
About Tembo Gold Corp.
Tembo is a Canadian publicly-listed mineral exploration company focused on the exploration and development of gold projects in Tanzania and the rest of Africa. The Company currently has a 100% interest in the Tembo Gold Project that is located adjacent to African Barrick’s Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. The Company is led by 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 its Shareholders.
On Behalf of the Board of Directors of Tembo,
David Scott President & CEO
For more information please contact: Simon Benstead
Director & VP Corporate Development Phone: 604 685 9316
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
This press release contains forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Tembo and are often, but not always, identified by the use of words such as “anticipates”, “intends’, “expects”, and similar expressions. Although Tembo believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Tembo can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the timing for filing the Required Filings, failure to obtain financial information from its Tanzanian subsidiaries, and risks associated with the mining industry in general. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this document are made as of the date hereof and Tembo undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.