Tempus Resources launches private placement to raise up to C$1 million
Proactive Investors
Published Nov 30, 2022 13:53
Tempus Resources launches private placement to raise up to C$1 million
Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has launched a non-brokered private placement to raise up to C$1 million (~A$1.111 million) to continue aggressive exploration at the flagship Elizabeth-Blackdome Project in southern British Columbia, Canada.
The company will sell up to 16,666,667 flow-through (FT) units at a price of C$0.06 (~A$0.067) per FT unit.
Each FT unit will consist of one common share of the company to be issued as a 'flow-through share' within the meaning of the Income Tax Act (Canada) and one common share purchase warrant.
The warrant will entitle the holder to purchase one common share of the company at a price of C$0.09 (~A$0.10) for a period of 24 months following the issue date of the FT unit.
Use of funds
Tempus is planning to follow up on the success achieved to date during its 2022 exploration at Elizabeth-Blackdome.
There were 40 drill holes completed at Elizabeth during the 2022 program with assays pending on 19 holes, including the highly anticipated hole EZ22-20 that intersected wide zones of quartz containing visible gold.
The company is planning to release an updated NI43-101/JORC resource estimate on the Elizabeth-Blackdome Project in early 2023.
FT share details
Proceeds from the sale of FT shares will be used to incur 'Canadian exploration expenses' as defined in subsection 66.1(6) of the Income Tax Act and 'flow through mining expenditures' as defined in subsection 127(9) of the Income Tax Act.
Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT shares.
The FT shares and warrant shares will be subject to a hold period expiring four months and one day from their date of issuance.
Closing of the offering is subject to customary closing conditions including, but not limited to, the receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange.
Red Cloud Securities Inc. will act as a finder in connection with the offering.
About Tempus
Blackdome-Elizabeth is a high-grade past-producing gold project in southern British Columbia.
Tempus is midway through a drill program 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.
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