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Tombola Gold Ltd (ASX:TBA) Results of Successful Private Placement
The Board of Tombola Gold Ltd (ASX:TBA) is pleased to advise that it has secured firm commitments for gross proceeds of approximately $4.6m pursuant to a private placement, which will settle subject to shareholder approval at the Company's EGM, expected to be convened in the next weeks. The placement was priced at 3.5 cents per share and will result in 131,663,067 shares being issued, following shareholder approval.

On 10 May 2022, the Company announced a placement of up to $10.5 million dollars, with $7.1 million settling at that time under Tranche 1, and a further $3.4 million settling under Tranche 2 following the Company convening a shareholders meeting. Due to market conditions, Tranche 2 has been cancelled, and this placement effectively replaces Tranche 2 of the 10 May 2022 placement.

The Company plans to use the funds raised to continue the development of the Lorena CIL plant, close-out the acquisition of the True North Pty Ltd gold tenements once Due Diligence is completed and finish off the drilling programs at Little Duke, Mt Scheelite and Musk.

Byron Miles 
Managing Director

Jane Morgan
Investor and Media Relations
+ 61 (0) 405 555 618

Pamela Menzies
Company Secretary

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