Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has raised A$1.02 million via a non-brokered private placement.
The company issued 20,338,885 fully paid ordinary shares at a price of A$0.05 per placement share, together with one new free attaching option for every placement share subscribed for and issued.
President and chief executive officer Jason Bahnsen said: “The funds will be used for further resource drilling with the aim of expanding the known mineralisation at our Elizabeth-Blackdome Gold Project in British Columbia.
"We have already drilled 14 out of a planned 30 drill holes for the 2022 northern summer season, with assays pending.
"The 2022 drilling will be used to complete an updated JORC/NI43-101 mineral resource estimate targeted for early 2023.”
The placement shares will be issued on or about August 3, 2022.
These shares will rank equally with existing fully paid ordinary shares of TMR and will be subject to approval by the TSX Venture Exchange.
As for the placement options, the holder can acquire one fully paid ordinary share of TMR at price of A$0.075 on or before three years from their date of issue.
Entitlements offer
Tempus is looking to raise approximately $3.9 million from the entitlement offer.
Eligible shareholders will be offered the opportunity to purchase, on a pro-rata basis, one new fully paid ordinary share for every two fully paid ordinary shares at an issue price of A$0.05 per entitlement share, together with one new option for every entitlement share subscribed for and issued for gross proceeds of up to approximately A$3.9 million.
Entitlement options are exercisable by the holder to acquire a fully paid ordinary share of TMR at price of A$0.075 on or before three years from their date of issue.
Notably, non-executive chairman Alexander Molyneux (or associates/related parties) also intends to take up his eligible entitlements under the Australian Entitlements Offer.
It should be noted that due to regulatory inconsistencies between Canada and Australia, TMR has reluctantly accepted that the securities issuable pursuant to the Australian Entitlements Offer cannot be offered to Canadian shareholders.
It will, however, offer a private placement in that region if there is enough interest.