Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has made a number of strategic and leadership decisions within the company to reduce costs and streamline its business, including abandoning an earlier plan to acquire a private company with two highly prospective tenements in an emerging lithium region of Manitoba, Canada.
The company announced in September that it had entered into a heads of agreement (HOA) for an option to acquire 100% interest in Aurora Lithium, a private company that owns the Cormorant and White Rabbit projects in central Manitoba.
This latest decision follows the completion of due diligence, including two geological site visits and analysis of samples.
Canadian delisting
Additionally, Tempus has decided to delist from the TSX Venture Exchange (TSX-V) as the lack of trading activity no longer justifies the expense and administrative requirements associated with maintaining its dual ASX/TSX-V listings.
As well, the majority of the company's investors are based in Australia and as such, a single listing on the ASX will better serve investors, including providing a sufficiently liquid market.
TSX-V shareholders will be informed shortly of the process to transfer their shares into the 'CHESS Depositary Interests', which will enable them to trade on the ASX.
The delisting is, nevertheless, subject to the approval of the TSX-V.
Leadership changes
Non-executive directors Anthony Cina and Colin Russell will step down from the Tempus board upon completion of the delisting.
Meanwhile, Tempus will amend chief executive officer Jason Bahnsen’s salary to $5,000 per month from January 1.
All remaining board members will also suspend their fees from the same date.
Ecuador exit
Tempus has placed the Valle del Tigre and Rio Zarza projects in southeast Ecuador on care and maintenance status with the view of disposing them moving forward.
Rio Zarza and Valle del Tigre are adjacent to and 2.5 kilometres from Lundin Gold (TSX:LUG)’s Fruta del Norte project, respectively.