Mr. David Scott reports
TEMBO PROVIDES UPDATE ON STATUS OF MANAGEMENT CEASE TRADE ORDER AND INTERIM FILINGS
Further to the press releases dated June 10, 2020, and June 16, 2020, Tembo Gold Corp. 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 Dec. 31, 2019, which were required to be filed by June 15, 2020. The B.C. Securities Commission granted a management cease trade order against the company's chief executive officer and chief financial officer on June 16, 2020.
Pursuant to the requirements of Section 10 of National Policy 12-203 (Management Cease Trade Orders), 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 annual filings by June 15, 2020.
- 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.
The company is also providing an update on the status of the filing of its interim financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2020, together with the related officer certificates as required by Part 4 and Part 5 of National Instrument 51-102 (Continuous Disclosure Obligations) and Part 5 of National Instrument 52-109 (Certification of Disclosure in Issuers' Annual and Interim Filings). As previously announced, the company is relying on the 45-day filing extension for its interim filings provided under B.C. Instrument 51-515 (Temporary Exemption from Certain Corporate Finance Requirements). The 45-day filing extension is being provided in response to the COVID-19 pandemic for certain periodic filings that are required to be made on or before June 1, 2020. The company continues to work diligently and expeditiously with its auditor to file its interim filings before July 16, 2020.
The company's directors, officers and other insiders are subject to a trading blackout that reflects the principals described in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions), until such time as it is no longer applicable. The company confirms that there have been no material business developments that have occurred subsequent to the filing of the company's Sept. 30, 2019, interim financial statements on Nov. 28, 2019, that have not already been disclosed by the company through news releases filed on SEDAR.
About Tembo Gold Corp.
Tembo is a Canadian publicly listed mineral exploration company with a 100-per-cent interest in the Tembo gold project, which is located adjacent to African Barrick's 14-million-ounce 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.
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