Tanzanian Royalty changes name to Tanzanian Gold Corporation

08May 2019
The Guardian Reporter
The Guardian
Tanzanian Royalty changes name to Tanzanian Gold Corporation

TANZANIAN Royalty Exploration Corporation officially changed its name to Tanzanian Gold Corporation last month but advised shareholders not to panic over the share certificates bearing names.

Tanzania Gold Corporation technicians collecting soil samples at Buckreef Gold Project in Geita. File photo.

In a recent statement, the company’s Executive Chairman, James Sinclair said name change was approved by shareholder during an annual general meeting in March. “The company’s common shares will commence trading under the new name on April 22, 2019 on the Toronto Stock Exchange under  the  same  trading  symbol  TNX  and  on  the  New York Stock Exchange American under  the  same  trading  symbol  TRX,” Sinclair said in the statement.

He said share   certificates   bearing   the   previous   company   name continue to be valid in the settlement of trades in common shares while pointing out that there is no consolidation or change  in  the  share  capital  of  the company.  

“Shareholders are not required to transfer existing share certificates into the new name,” Sinclair advised.

Meanwhile Tanzanian Gold Corporation announced that the first set of assay results from its deep level diamond core drilling program at the Buckreef Project had indicated good results. The drilling was aimed at better defining potential mineralized zones below the open pit as reported and published last year in its pre-feasibility technical report.

“Infill drilling within the open pit is continuing, highlights from which are also announced,” the statement added.

In another development, the new company also said its board of directors is pleased to announce the entering into subscription agreements for the sale of 606,165 common shares at $0.5774 per share raising $350,000 in the aggregate with three investors.

“The proceeds from the sale of common shares will be used in furtherance of the company’s three-phase drill program at the Buckreef Project previously announced. The  common  shares  are  being  offered  pursuant  to  an  effective  shelf  registration  statement  on  Form  F-3,  which  was  previously  filed  with  the  Securities  and  Exchange  Commission  and  declared  effective  on  September 5, 2018,” the statement noted.

The sale of the common shares closed down on  April 22, 2019 after satisfaction  of  customary  closing  conditions,  including  acceptance  of  the  listing  of  the  common shares by the NYSE American and the Toronto Stock Exchange.