- Tempus Resources (TMR) has flagged plans for another potential capital raise after receiving its first round of drill results from the Elizabeth Gold Project in Canada
- The company recently reported it had just over $1 million in cash and equivalents, leaving it short for the upcoming quarter
- Further information regarding the raise is expected to be made to the market on or before Thursday August 19
- Tempus’ last capital raise was in April, when it raised $1.9 million for exploration efforts at Elizabeth Gold
- Prior to today’s trading halt, Tempus Resources shares last traded at 25.5 cents
Tempus Resources (TMR) has flagged plans for another potential capital raise after receiving its first round of drill results from the Elizabeth Gold Project in Canada.
The trading halt is set to last until Thursday August 19 when further information regarding the fundraising effort is set to be released to the market.
Tempus raised around $1.9 million for exploration efforts at the Canadian project in April.
While Tempus has not explicitly indicated how much it is looking to raise or for what purpose, the raise comes shortly after the company’s June quarterly cash flow report.
Tempus reported a cash and equivalents balance of just over $1 million in the update, which was not enough to see it through the next quarter based on spending levels at the time.
In its update to the ASX, the company reiterated it was “confident it would be able to raise appropriate funds as required.”
The search for capital comes a week after the company reported its first round of drilling results from its Elizabeth Gold Project in Canada’s British Columbia.
Results include four metres at 31.2 grams of gold per tonne (g/t) from 122 metres including 1.5 metres at 51.2g/t gold from 123 metres and 0.50 metres at 72g/t gold from 124 metres.
Prior to today’s trading halt, Tempus Resources shares last traded at 25.5 cents.