Tanzanian Gold Announces Closing of Sale of $3,850,000 in Common Shares

Tanzanian Gold Announces Closing of Sale of $3,850,000 in Common Shares

TORONTO, Dec. 18, 2019 (GLOBE NEWSWIRE) — Tanzanian Gold Corporation’s (TSX:TNX) (NYSE American:TRX) (the “Company’s”) Board of Directors is pleased to announce that it has completed the sale of 6,695,652 common shares raising $3,850,000, in the aggregate as previously announced in its press release of December 16, 2019. 
Tanzanian Gold Corporation has over the past twelve months successfully executed a professionally designed and managed pathway with our development at the Buckreef Project. As demonstrated by our news releases and presentations throughout 2019, the Company has undertaken the Buckreef mine development in a manner rarely seen in the junior mining sector. The Company believes that Gold mines in general and, more specifically Tier One Gold Mines, are not found they are made.Mr. James E. Sinclair Executive Chairman commented “Financings of this nature are imperative for us for the development at the Buckreef Project. We believe that previous financings, as well as this one, have added fundamental value to the Buckreef Project, Company and its shareholders. The capital raised is designed to have immediate impact as it addresses the needs that we have as a Company to build a mine. That’s what we plan to do right here and what we will continue to do. We are extremely pleased to have completed this important transaction at this juncture with R.F. Lafferty, who has proven to be an excellent, ethical and valued partner in our process of mine building. I can say without reservation that our Company stands at the best fundamental position we have ever known.”Respectfully Submitted, “James E. Sinclair”James E. Sinclair Executive ChairmanFor further information, please contact Michael Martin, Investor Relations, m.martin@tangoldcorp.com, 860-248-0999, or visit the Company website at www.tangoldcorp.comCautionary Note Regarding Forward-looking Statements
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