Tempus Resources Ltd (ASX:TMR) (CVE:TMRR) (FRA:4W0) has closed its Canadian non-brokered private placement, issuing 4.73 million ordinary shares at an issue price of C$0.265 per share (around A$0.28 per share) for gross proceeds of C$1,253,450.
The placement was to two institutional investors, including one managed by Sprott Asset Management LP.
Funding exploration
Proceeds from the placement will fund work at the company’s high-grade Blackdome-Elizabeth Gold Project in British Columbia, Canada.
The placement shares were issued as Canadian flow-through shares, which provide tax credits to those investors for capital to be used in qualifying mining and exploration activities.
Single tranche payment
The placement comprises a single tranche under the company’s available placement capacity under ASX Listing Rule 7.1.
In addition, Tempus paid finders fees of $75,207 and issued 283,800 warrants (strike price C$0.265) to Clarus Securities Inc.
All securities issued above are subject to a hold period of four months and one day from the date of closing, which will expire on April 19, 2021.
Incentive stock options
Tempus also reports the issuance of incentive stock options to certain directors and officers to purchase up to 3 million ordinary shares in the capital of the company.
A total of 1.5 million options have an exercise price of C$0.29 per share and 1.5 million have an exercise price of C$0.37 per share.
All options are exercisable on or before December 14, 2023.