NYSE- and TSX-listed Tanzanian Gold Corporation (TGC) has drawn down an initial $4-million in funding from a $14-million unsecured convertible debenture it has with institutional investors Riverfort Global Opportunities and a hedge fund of Yorkville Advisors Global called YA II PN.
The drawn funds are being used for expanding the company’s Buckreef oxide mining and processing operation, the advancement of a feasibility study for the larger sulphide mining complex, the continuation of drilling programmes and generate corporate purposes.