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.