Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has raised around $3.9 million through an entitlement offer that closed on August 29.
This amount is the second part of a A$4.9 million capital-raising program announced on July 27 and will be channelled towards exploration activities at Tempus’ projects in Canada and Ecuador as well as for general working capital purposes.
The pro-rata non-renounceable entitlement offer was available to Australian and New Zealand shareholders, promising one fully paid ordinary share for every two shares held at an issue price of A$0.05 per new share, together with one free attaching option for every new share issued.
Strongly supported
It was strongly supported by eligible shareholders, who applied for 38,148,166 new shares, worth approximately A$1.9 million, pursuant to their entitlements.
The company intends to apply for quotation of the entitlement options, which entitle the holder to purchase one ordinary share at an exercise price of A$0.075 for a period of 36 months from the date of issue.
Eligible shareholders who applied for their full entitlement under the entitlement offer were also able to apply for new shares in excess of their entitlement, through a shortfall offer.
The new shares will be issued on September 5 and are expected to commence trading on the ASX on that date. All new shares will rank equally with existing ordinary shares on issue.
President and CEO Jason Bahnsen said: “We are delighted with the support from shareholders for this oversubscribed entitlement offering.
“The funds will be primarily used for further resource drilling with the aim of expanding the known mineralisation at our Elizabeth-Blackdome Gold Project in British Columbia.”
The entitlement offer is partially underwritten by director Alexander Molyneux, for the amount of $125,000. He will subscribe for 2,500,000 new shares and the same number of entitlement options of the 39,817,561 shares and resulting entitlement options.
Non-executive director Melanie Ross has also taken up her entitlements under the entitlement offer.