Tembo Gold Corp announced that it expects to receive CAD 1.28 million in funding from Concept Capital Management Ltd and Decorum Capital Partners.
On January 9, 2014, the company announced that it has received CAD 280,000 by issuing 2,800,000 units in its first close from NAMF II (Mauritius) Limited and NAMF II South African Partnership, a fund managed by Decorum Capital Partners. Investors are insiders of the company and now holds collectively approximately 30.1% stake of the company on a non-diluted basis. Through the first tranche, the investors acquired approximately 2.2% stake of the company. Each warrant issued in this tranche is exercisable until January 9, 2017. The securities issued in this tranche are subject to a hold period expiring May 10, 2014. All the directors of the company approved the transaction. As part of the transaction, the board of the company considers the nominee appointed by investors to be an independent member of the board. The offering remains subject to the final approval of the TSX Venture Exchange.