Tembo Gold to raise up to $1.28 mln in strategic financing

Tembo Gold Corp (TSX Venture: TEM) is proposing a strategic financing of up to $1.28 million. Tembo is selling up to 12,800,000 units of its stock at a price of $0.10 per unit. The private equity investors are New Africa Mining Fund (NAMF) II (Mauritius), NAMF II South African Partnership and Germany’s Concept Capital Management. According to the company, the net proceeds will be used to fund on-going exploration costs on its properties in Tanzania. Based in Toronto, Tembo Gold is a mineral exploration company focused on the exploration and development of gold projects in Tanzania and the rest of Africa.

PRESS RELEASE

TORONTO, ONTARIO–(Marketwired – Jan. 2, 2014) – Tembo Gold Corp. (TSX VENTURE:TEM)(FRANKFURT:T23) (“Tembo” or the “Company”) is pleased to announce a proposed strategic financing for the Company. The Company proposes to complete a non-brokered private placement (the “Financing”) consisting of up to 12,800,000 units (the “Units”) at a price per Unit of C$0.10 for total gross proceeds of up to C$1.28 million. Each Unit will consist of one common share (each a “Share”) and one common share purchase warrant of the Company (each a “Warrant”). Each Warrant will be exercisable to acquire one Share at a price of $0.12 per Share for a period of three years from the issuance of the Units.

The investors subscribing for the Units under the Financing will be NAMF II (Mauritius) Limited as to C$218,400, NAMF II South African Partnership as to C$61,600 and Concept Capital Management Limited (“CCM”) as for up to C$1,000,000. All of the investors are currently insiders of the Company. The net proceeds of the Financing will be used by the Company to fund ongoing exploration costs on its properties in Tanzania and for working capital purposes.

All the securities will be subject to a four month and one day hold period from the closing date of the Financing. The Financing remains subject to approval of the TSX Venture Exchange.

About New Africa Mining Fund II

The New Africa Mining Fund II (“NAMF”) is a junior mining venture capital fund which provides capital for early to later stage exploration and mining development projects in all minerals except diamonds and uranium, throughout Africa. NAMF adheres to the common standards and investment practices which have been developed and successfully followed by Private Equity investment firms in other markets. Such practices include due diligence, strict attention to corporate governance and sustainable development policies and a disciplined approach to timely investment realization.

About Concept Capital Management

CCM is a private German based Asset Management Company focused on evaluating and investing in Canadian resource companies through equity investments, convertible bonds and gold, silver, and copper off-take agreements. About Tembo Gold Corp. Tembo Gold is a Canadian publicly-listed mineral exploration company with a 100% interest in the Tembo Gold Project which is located adjacent to African Barrick’s 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’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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