{kanada_flagge} Tembo Gold (TSXV TEM / FRAU T23A) is closing the first round of its ongoing financing, bringing on board entrepreneur Ian Stalker, one of the mining industry’s big names, as an advisor. In the latest round of financing, Kuala Lumpur-based hedge fund Phoenix Gold Fund Limited has increased its stake in Tembo Gold Corp. (TSXV: TEM; FRA: T23A) to now 11.75 percent.
{kanada_flagge} Tembo Gold (TSXV TEM / FRAU T23A) is closing the first round of its ongoing financing, bringing on board entrepreneur Ian Stalker, one of the mining industry’s big names, as an advisor. In the latest round of financing, Kuala Lumpur-based hedge fund Phoenix Gold Fund Limited has increased its stake in Tembo Gold Corp. (TSXV: TEM; FRA: T23A) to now 11.75 percent.
Phoenix invested CAD1.5 million for 10,000,000 new shares in its lead order. A total of 14,103,365 Tembo shares were placed in the first closing at the price of CAD0.15 per share. Directors of the Company also participated in the placement with 1,469,982 shares for gross proceeds of CAD 220,497.
Ian Stalker comes on board as advisor
With the appointment of Ian Stalker as an advisor to the Board of Directors, Tembo has brought on board one of the best known personalities in the mining and exploration sector as reinforcement. Stalker has more than 40 years of experience in Africa, Europe, South America and Australia. He has been involved in numerous M&A transactions and has raised a total of approximately $700 million for resource projects, with a proven track record of generating significant returns for investors.
Mr. Stalker has held senior positions with major gold producers, most notably as Vice President at Gold Fields and Managing Director (International Projects) at Ashanti Goldfields. Mr. Stalker has been involved in either the construction and/or operation of the following gold mines: Sansu Ghana Open Pits and Oxide Treatment Plant – 420koz gold p.a.; Ashanti Open Pit and Underground Sulphide Expansion and Biox Treatment Plant 500koz gold p.a.; Bibiani Mine (Ghana) 200koz gold p.a.; Siguiri Mine Guinea 250koz gold p.a.; Geita Mine Tanzania 250koz gold p.a.; St Ives Mine Australia 500koz gold p.a.; and Filon Sur Mine Spain 40koz gold per year. Mr. Stalker is currently a Director (formerly CEO & Director) of K92 Mining, which was acquired by Barrick in 2014 for CAD 2 million and is now a Canadian company with a market capitalization of CAD 2 billion in 2021, President & CEO of LSC Lithium, and Non-Executive Chairman of Helium One.
David Scott, President & CEO of Tembo, stated, “We are very pleased to announce the first closing of our recent financing. We will now be able to mobilize our crews on site shortly to begin preparations for the planned drill program. The support from the Phoenix Gold Fund is further validation of the quality of the Tembo project. We are also pleased to welcome Ian to the Tembo Advisory Board. His extensive experience will be invaluable as we plan for Tembo’s future and we look forward to a fruitful collaboration between the Company and the expert Advisory Board that has been assembled.”
Tembo holds a 100% interest in the Tembo Gold Project, which is located in close proximity to African Barrick’s 14 million ounce Bulyanhulu Gold Mine in the prolific Lake Victoria Greenstone Belt in Tanzania. Tembo’s focus is on the discovery and development of gold projects in Africa.
Conclusion: Tembo shareholders have been waiting a long time for this moment. The first part of the financing has been secured. Now Tembo can put the money into drilling and exploration on the ground. The prominent reinforcement with a personality like Ian Stalker should open the door with further investors. The share reacted to the announcement with a slight plus at CAD 0.155. Private investors can currently still acquire shares at almost the same conditions as the professionals.
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