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Tempus Resources to raise C$1.25 million in private placement at a premium to advance gold projects

Last updated: 20:32 10 Dec 2020 EST, First published: 19:58 10 Dec 2020 EST

Tempus Resources Ltd - Tempus Resources set to raise C$1.25 million at a premium to advance gold projects
The company has had strong continued support from international institutional investors

Tempus Resources Ltd (ASX:TMR) (CVE:TMRR) (FRA:4W0) has arranged a Canadian non-brokered private placement to raise gross proceeds of C$1,253,450 at an issue price of C$0.265 per share (around A$0.28 per share).

The placement will be to institutional investors, including certain funds managed by Sprott Asset Management LP and other North American institutional investors.

Proceeds from the placement will be applied to advance exploration at the company’s Blackdome-Elizabeth Gold Project in British Columbia, Canada.

“Supporting TSX-V listing”

The placement, at a premium to recent ASX trading, is also aimed at assisting seed liquidity for the newly completed listing of the company’s shares on the TSX Venture Exchange and further develop Tempus’ North American institutional coverage.

Tempus managing director Brendan Borg said: “The placement ensures Tempus continues to be well-funded as we continue our exciting exploration programs at Blackdome-Elizabeth, and it will assist in providing liquidity for our shares on the TSX Venture Exchange, where listing commenced this week.”

Key details

The placement comprises a single tranche under the company’s available placement capacity under ASX Listing Rule 7.1.

Placement shares will be issued as Canadian flow-through shares, which provide tax credits to those investors for capital to be used in qualifying mining and exploration activities.

The placement is also subject to TSX Venture Exchange approval and will have the statutory hold period of four months plus one day.

Completion of the placement is expected on or about December 17, 2020.

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