Tempus Resources Ltd (ASX:TMR) has received strong support from new and existing institutional and sophisticated investors for a placement that raised $2.5 million.
Proceeds will be primarily used to fund accelerated exploration at the Blackdome-Elizabeth Gold Project in British Columbia, Canada, and further investment gold projects in Ecuador.
Shares have been as up as 6% intra-day to 35 cents and since closing at 20 cents on June 19, have been as high as 43 cents on July 28, a new record high.
“Delighted with support”
Tempus Resources managing director Brendan Borg said: “We are delighted with the support for the placement, which affirms the significant potential of the company’s assets.
“Funds raised allow us to accelerate our Canadian works program and invest in further work in Ecuador.
“On behalf of the board, I would like to thank our existing investors for their ongoing support and welcome a number of new investors to the register.”
Placement details
Tempus has issued 8.06 million new shares at 31 cents per share, a 6.1% discount to the last closing price before the placement.
Petra Capital Pty Ltd acted as exclusive lead manager and bookrunner to the placement and has elected to receive their fee as Tempus shares.
Blackdome-Elizabeth Gold Project
Tempus recently initiated a drilling program at the Blackdome-Elizabeth project to focus on verifying and expanding upon the known gold and silver mineralisation within the 350 square kilometre licence area that remains relatively unexplored.
The company has drilled 11 holes for a total of 2,165 metres and geological logging indicates that in all the holes drilled so far, the alteration zones and veins have been intersected and the area is expected to host mineralisation.