Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) aims to raise up to C$1 million in a Canadian non-brokered private placement to support exploration of the Elizabeth-Blackdome Gold Project in southern British Columbia, Canada.
The placement involves the sale of units of the company at a price of C$0.07 per unit and flow-through (FT) units of the company at C$0.08 per FT unit.
Placement details
Each unit will consist of one fully paid ordinary share of the company and one half of one unlisted option while each FT unit will consist of one fully paid ordinary share to be issued as a 'flow-through share' within the meaning of the Income Tax Act (Canada) and one half of one option.
These options will entitle the holder to purchase one fully paid ordinary share of the company at a price of C$0.11 for a period of 24 months following the closing date of the offering.
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 Act.
These 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.
Unit shares, FT shares and options will be subject to a hold period expiring four months and one day from their date of issuance.
Closing of the offering is anticipated to occur on or before March 29, 2022, and is subject to customary closing conditions including, but not limited to, the receipt of applicable regulatory approvals, including the approval of the Australian Stock Exchange and TSX Venture Exchange.
Under ASX Listing Rules, 11,302,543 fully paid ordinary shares and 5,651,271 unlisted options will be issued under the company’s LR 7.1 capacity.
About Tempus
Tempus is a growth-orientated gold exploration company listed on ASX, TSX.V and OTCQB stock exchanges.
The company is exploring projects in Canada and Ecuador with the flagship project being the Elizabeth-Blackdome Project, a high-grade gold past-producing project in British Columbia.
Tempus is midway through a drill program at this project 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.