Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has received firm commitments to raise A$6.28 million via a placement of shares at an average price of A$0.251 per share.
The placement was well oversubscribed and incorporated strong demand from international and Australian institutional Investors, including specialist gold investment funds.
Notably, the issue price of A$0.251 represents a 1.6% premium to the last 15 days volume-weighted average price (VWAP) of Tempus shares.
“Pleased with the support”
Tempus president and CEO Jason Bahnsen said: “We are pleased with the support shown by institutional investors for our Placement, particularly by experienced specialist gold funds.
“The funds raised position Tempus to complete the ongoing 12,000-metre drilling program at Elizabeth, develop the underground access for drilling extensions of the vein systems and to begin exploration on the potential satellite deposits identified by geophysical and geochemical studies.”
Drilling program
The company is continuing drilling at the Elizabeth Gold Project, with 15 drill holes for a total of 4,300 metres on the SW Vein completed in 2021.
All 15 holes have intersected quartz vein mineralisation between 0.5 and up to over 6 metres in thickness, and assays have been received for the first four holes.
Results demonstrated high-grade and continuity of the SW Vein structure with significant results including 4 metres at 31.2 g/t gold from 122 metres, including 1.5 metres at 52.1 g/t from 123 metres and 0.50 metres at 72 g/t from 124 metres.
The holes drilled to date have been designed to address two aims: to confirm and upgrade the geological confidence of zones included in the historical resource, and to extend the known mineralisation along strike and down plunge.
The Elizabeth Gold Project is the flagship project for Tempus and is in the Bralorne – Pioneer Gold District of southern British Columbia.