Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has boosted its finances to the tune of C$680,100 (~A$747,939) after completing a non-brokered private placement.
The funds have been raised through the issue of 3 million units of the company at a price of C$0.05 per unit, and 8.835 million flow-through (FT) units of the company at a price of $C0.06 per FT unit.
Net proceeds from the offering will be used for expenditures on the company’s exploration projects in Canada and for general corporate purposes.
“Tops up existing funds”
President and chief executive officer Jason Bahnsen said: “This placement tops up our existing funds and ensures that Tempus is fully funded through to the beginning of the 2023 exploration program at the Elizabeth Gold Project.”
Each FT unit consists of one ordinary share of the company to be issued on a 'flowthrough share' basis within the meaning of the Income Tax Act (Canada) and one ordinary share purchase warrant of the company.
FT shares provide tax credits for investors for qualifying mining and exploration activities.
Use of funds
The proceeds for the sale of the FT shares will be used to incur eligible Canadian exploration expenses related to the exploration of the company’s Blackdome-Elizabeth Gold Project in British Columbia, Canada.
Each unit consists of one share and one warrant. The warrants issued as part of the FT units and units will entitle the holder to purchase one share at a price of C$0.09 for a period of 24 months from the date of issue.
Red Cloud Securities Inc. acted as a finder on behalf of the company under the offering.
The offering was completed utilising the company’s available capacity under ASX Listing Rule 7.1.
About Tempus
Tempus is a growth-orientated gold exploration company listed on ASX and TSX.V and OTCQB stock exchanges. It is actively exploring projects in Canada and Ecuador.
The flagship project is the Blackdome-Elizabeth Project, a high-grade gold past-producing project in Southern British Columbia.
Tempus is midway through a drill program at Blackdome-Elizabeth that will form the basis of an updated NI43-101/JORC resource estimate.
The second key group of projects for Tempus are the Rio Zarza and Valle del Tigre projects in southeast Ecuador.
Rio Zarza is adjacent to Lundin Gold (TSX:LUG)’s Fruta del Norte project. The Valle del Tigre project is subject to a sampling program to develop anomalies identified through geophysical work.