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Tempus Resources closes A$1.9 million private placement to boost gold exploration

Published: 01:19 14 May 2021 EDT

Tempus Resources Ltd - Tempus Resources closes A$1.9 million private placement to boost gold exploration
Following the completion of the placement, the company has 98,744,613 shares on issue.

Tempus Resources Ltd (ASX:TMR) (CVE:TMRR) (OTCMKTS:TMRFF) (FRA:4W0) has closed a non-brokered private placement to raise A$1.9 million for boosting gold exploration. 

The company has completed the placement issue utilising its available capacity under ASX Listing Rules 7.1 and 7.1A. 

Two tranches

The fundraising initiative was completed in two tranches. 

The first tranche, which consisted of 6,037,736 shares (Canadian flow-through shares) was issued on May 12, 2021 at a price of C$0.155 (about A$0.163) to raise around C$935,849. 

The second tranche, which consists of 6,065,425 ordinary shares, was issued on April 30, 2021, at a price of A$0.145 (about C$0.138) per share for raising around A$879,487.

Following the completion of the placement, the company has 98,744,613 shares on issue.

Use of proceeds

The proceeds from tranche 1 of the placement will be exclusively used to incur eligible Canadian exploration expenses - flow-through mining expenditures - related to the exploration of the company’s Blackdome-Elizabeth Gold Project in British Columbia.

The shares issued in tranche 1 will have a standard hold period of four months plus one day and will be available for trading on September 13, 2021.

Proceeds from the second tranche will be spent on its Ecuador projects and for general corporate purposes.

Shares issued under tranche 2 do not carry any holding restrictions.

Placement details

The placement was well supported by North American and Australian institutional and sophisticated investors.

Shares issued as Canadian flow-through shares qualify as such under the Income Tax Act (Canada), which provides tax credits for investors in qualifying mining and exploration activities.

The company’s 2021 exploration program at Elizabeth is fully permitted and on schedule to start by the end of the current quarter.

Proceeds from the placement will help the company to drill around 7,500 metres aimed at expanding the known high-grade gold mineralisation by testing down-plunge and along with strike extensions of currently delineated vein zones.

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