Tembo Gold Corp. announces entered into a binding letter of intent with Taifa Mining and Civils Limited for 48,000,000 shares at an issue price of CAD 0.24 per share proceeds of CAD 11,520,000 on August 8, 2023. The investor will initially subscribe for 16,000,000 shares of the company at an issue price of CAD 0.22 for gross proceeds CAD 3,520,000 in the first tranche.

Taifa will have 20 days to complete a second tranche private placement of 16,000,000 units (?Units?) at a price of CAD 0.24 per Unit (subject to TSXV pricing rules) for gross proceeds of CAD 3,840,000. Each Unit will consist of one common share of company and one warrant (?Warrant?) exercisable to purchase one additional common share of company for 2 years at a price of CAD 0.26 per share. The transaction are subject to the approval of the TSXV stock exchange.

All securities of Tembo issued pursuant to the Financings will be subject to a 4 month hold period from the date of issuance under applicable Canadian securities laws.