Tombola Gold: Raises $2.94m to hit cashflow milestone

Tombola Gold Raises $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.