Tombola Gold Ltd (ASX:TBA) signed a binding term sheet to acquire True North Copper Projects from True North Copper Pty Ltd for approximately AUD 3 million on July 13, 2022. The consideration for the transactions consists of cash consideration of AUD 1.5 million and the issue of 75 million shares in Tombola Gold Ltd. cash consideration is payable as AUD 0.5 million on completion and the issue of 75 million shares in Tombola Gold Ltd along with The shares will be subject to a 12 month escrow AUD 1 million after Tombola Tenements has generated AUD5 million revenue from ore extracted from the tenements. The transaction is subject to third party approval.

Tombola Gold Ltd (ASX:TBA) cancelled the acquisition of True North Copper Projects from True North Copper Pty Ltd on April 12, 2023. Accordingly, the Tombola Gold has executed a Deed of Termination with TNC which terminates the previous Asset Sale Agreement, as announced to the market on September 16, 2022, with the Tombola Gold to receive a 50% refund of the original 'non-refundable' AUD 0.05 million deposit.