Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has raised A$2.5 million to continue its exploration of the high-grade Elizabeth Gold Project in British Columbia.
The money will also be used for development studies and general working capital requirements.
Tempus issued 62.5 million fully paid ordinary shares at A$0.04 per share, together with one free attaching listed option for every two placement shares subscribed for and issued.
The placement shares will be issued around May 19, 2023.
Tempus may issue up to A$5 million of shares via share placements.
Placement options
The placement options will also be issued on or about May 19, 2023, and are exercisable by the holder to acquire one fully paid ordinary share of Tempus at a price of A$0.075 on or before September 5, 2025. They are issued on the same terms as the existing class of listed options currently on issue.
Tempus is also relying on a minimum price exception from the TSX Venture Exchange to issue securities at less than A$0.05 per listed security. This would mean the aggregate number of common shares issued by the company in this offering and in any 12-month period does not and shall not exceed 100% of the number of common shares which were issued and outstanding prior to this issuance.
The issuance of the placement shares will be subject to approval by the TSXV.
The company will use 5% of cash raised to pay 'Non-Arm's Length Parties' (as defined in the policies of the TSXV), up to $125,000 (5%) toward Investor Relations Activities and the balance for further drilling programs, exploration, resource confirmation and geological sampling and testing.