- Tempus Resources (TMR) is set to raise $4 million through a placement to sophisticated and institutional investors
- The money raised will be used to advance its gold projects in Canada and Ecuador
- Under the placement, more than 26 million shares will be issued at an average price of 15.3 cents
- The placement will be undertaken in two phases, where shares will be priced differently in both tranches
- The money raised from phase one will go towards Tempus’ exploration projects in Ecuador, while the money from phase two will go towards its Blackdome-Elizabeth Gold Project in British Columbia, Canada.
- On the back of the news, Tempus is up a steady 11.8 per cent and shares are currently trading for 19 cents each
Tempus Resources (TMR) is set to raise $4 million through a placement to advance its gold projects.
Under the placement, approximately 26,169,868 shares will be issued to sophisticated and institutional investors at an average issue price of 15.3 cents each.
This price represents a 4.37 per cent discount to the 15-day volume-weighted average price (VWAP).
The placement will be undertaken in two phases, with phase one issuing 7,739,843 shares at a price of 13 cents to raise $1,006,179.
Phase two will issue the remaining 18,430,025 shares at a price of 16 cents to raise the remaining $3 million.
The money raised from phase one will go towards Tempus’ exploration projects in Ecuador, while the money from phase two will go towards its Blackdome-Elizabeth Gold Project in British Columbia, Canada.
“This capital raising ensures Tempus is well funded for the exciting period ahead as we commence our physical exploration programs in Canada in the coming weeks,” Managing Director Brenda Borg commented.
“We are very pleased to welcome some significant new investors to Tempus as part of this placement as we continue to build our profile internationally and Australia,” he said.
Ecuador
In May last year, Tempus entered a binding agreement to acquire two Ecuadorian companies, Condor Gold S.A., and MiningSources S.A.
These companies own three mineral exploration licences that are known as the Zamora Projects.
The Zamora Projects provided Tempus with a high-quality, early-stage gold exploration prospects in Ecuador.
The Projects have an indicated mineral resource of 23.8 million tonnes at 9.61g/t gold and an inferred mineral resource of 11.6 million tonnes at 5.69g/t gold.
Canada
The Blackdome-Elizabeth Project is situated within the gold producing area of British Columbia and it is made up of two separate mineralisation styles, the Elizabeth Zone and the Blackdome Zone.
The Elizabeth Zone is located 200 kilometres north of Vancouver and has a historical inferred mineral resource estimate of 206,000 ounces of gold at 12.26g/t.
The Blackdome Zone is located 30 kilometres north of Elizabeth, boasting an indicated resource of 52,600 ounces of gold at 11.29g/t and an inferred resource of 25,000 ounces of gold at 8.79g/t.
On the back of the news, Tempus is up a steady 11.8 per cent and shares are trading for 19 cents each at 11:42 am AEST.