Tanzanian Gold Corp. (TSX: TNX) (NYSE American: TRX) is pleased to announce that it has closed the First Closing of US$4 Million of its previously announced financing (July 23, 2020) of up to US$14 million of unsecured convertible debentures with institutional investors Riverfort Global Opportunities PLC. and YA II PN, Ltd.
The proceeds from the Financing will be utilized for a significant expansion of the Buckreef Project oxide mining and processing operation, the advancement of a Feasibility Study for the larger sulphide mining complex, the continuation of multiple drilling programs, and general corporate purposes.
About Tanzanian Gold Corporation
Tanzanian Gold Corporation is building a significant gold mine at the Buckreef Project in Tanzania. The Company commenced production at its oxide plant in June 2020. Tanzanian Gold is now moving ahead to significantly expand its oxide plant’s processing capacity. An ongoing drill program has, to date, more than doubled the size of Measured and Indicated Resources to 2.036 million ounces. NI 43-101 compliant exploration mining targets have the potential to add up to another 2 million ounces. Tanzanian Gold is simultaneously advancing on three value-creation tracks:
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