- Tempus Resources (TMR) has received firm commitments to raise $1.9 million via a share placement
- More than 12.4 million ordinary shares will be issued to institutional and sophisticated investors at the equivalent of 15.3 cents
- Tempus will use the funds to undertake drilling at its Elizabeth Gold Project in British Columbia, Canada
- Drilling began in November last year with 11 holes drilled before operations were suspended in late December
- Tempus is up 6.06 per cent on the market and shares are trading at 17.5 cents
Tempus Resources (TMR) has received firm commitments to raise $1.9 million via a share placement.
The company placed its shares in a trading halt on April 21 but did not disclose how much it intended to raise or what it would use the funds for.
The $1.9 million will be raised through the issue of 12,465,425 ordinary shares to institutional and sophisticated investors at the equivalent of 15.3 cents.
Tempus will use the funds to undertake drilling at its Elizabeth Gold Project in British Columbia, Canada.
Drilling began in November last year with 11 holes drilled, for 2006 metres, before operations were suspended in late December.
Results returned so far include five metres at 61.3g/t gold from 116.5 metres including 1.5 metres at 186g/t gold from 118 metres, and 3.2 metres at 28.1g/t gold from 184 metres including 0.5 metres at 178g/t gold from 184.5 metres.
“We plan to resume drilling at our high-grade Canadian Elizabeth Gold Project within the coming six to eight weeks and the placement will enable us to extend works there,” CEO and President Jason Bahnsen said.
“Given the great results from last year, it’s very exciting to be getting back on the ground at Elizabeth with an enlarged drilling program,” he added.
Tempus is up 6.06 per cent on the market and shares are trading at 17.5 cents at 3:55 pm AEST.