Tombola Gold (ASX:TBA) to raise $2.94m to hit cashflow milestone

• Tombola Gold (TBA) receives firm commitments to raise $2.94 million through a placement to help fast track the company to first cash flow this year
• The company will issue the new shares at a price of 2.7 cents each, representing a 3.6 per cent discount to the last closing price
• The funds will be used to fund ongoing development of the Mt Freda Complex, further expanding gold mining at the projects, in addition to providing for exploration and capital
• It will also use the money for further exploration at the Shamrock tenement with the aim of identifying areas of near surface gold
• Shares closed flat today at 2.8 cents each.

Tombola Gold (TBA) has received firm commitments to raise $2.94 million through a placement to help fast track the company to first cash flow this year.

The company will issue the new shares at a price of 2.7 cents each.

This represents a 3.6 per cent discount to the last closing price and an 11.48 per cent discount to the 15-day volume-weighted average price.

The money will be used to fund ongoing development of the Mt Freda Complex, further expanding gold mining at the projects, in addition to providing for exploration and capital.

Tombola Gold will also use the money for further exploration at the Shamrock tenement with the aim of identifying areas of near surface gold.

Managing Director Byron Miles said he was pleased with the support received for the capital raise.

“The capital raised will be used to continue the advancement of Tombola moving from an
explorer to a meaningful gold miner in Cloncurry, Queensland, as we fast track towards first cash flow in 2022,” he said.

“We’ll also be using the capital for further exploration with an initial focus on the Shamrock tenement to increase tonnage and grade.

“We look forward to continuing to build shareholder value over 2022 and beyond.”

Shares closed flat today at 2.8 cents each.