Tempus Resources Ltd. (TMRR.V), a burgeoning gold exploration firm listed on multiple international stock exchanges, has triumphantly announced the closure of a significant non-brokered private placement in Australia. Concluded on May 19, 2023, the company successfully raised gross proceeds of roughly AUD 2.5 million. This strategic financial move bolsters the company’s position, equipping it with the necessary funds for continued exploration and resource verification.
As part of this private placement, Tempus Resources issued 62.5 million fully paid ordinary shares, each priced at four Australian cents. Along with every two placement shares purchased, investors received one free attaching option. These shares are on par with the existing fully paid ordinary shares of the company.
The placement options, issued on the same date, enable holders to acquire one fully paid ordinary share at a price of 7.5 Australian cents anytime up to September 5, 2025. Both the placement shares and options were approved under the Australian Securities Exchange Listing Rule 7.1, although the private placement closed without the acceptance of the TSX Venture Exchange.
Of the total funds raised, Tempus Resources will allocate approximately 5%, or $125,000, to investor relations activities. A further 5% will be paid to non-arm’s-length parties, as defined in TSX-V policies. The lion’s share of the proceeds is earmarked for drilling programs, exploration, resource confirmation, and geological sampling and testing. In addition, the funds will also support general working capital purposes.
The company is also planning to apply for the quotation of placement options on the ASX, reinforcing its financial maneuverability.
Peloton Capital Pty Ltd and Aesir Capital Pty Ltd served as joint lead managers for this non-brokered private placement. Tempus Resources has agreed to pay these joint lead managers an advisory / finders fee of AUD 150,000, plus 15,000,000 Placement Options as compensation, subject to shareholder approval.
Tempus Resources Ltd is a forward-looking gold exploration company with projects located in Canada and Ecuador. Its flagship project, the Blackdome-Elizabeth Project, is a high-grade gold past-producing project in Southern British Columbia, currently mid-way through a drill program. Tempus is also focusing on the Rio Zarza and Valle del Tigre projects in southeast Ecuador, the former of which is situated next to Lundin Gold’s Fruta del Norte project. This placement significantly accelerates the development of these strategic projects.
This financial achievement is a crucial step forward for Tempus Resources, reinforcing its commitment to growth and enhancing its exploration and testing capabilities. The successful placement further validates its strategic approach, pushing Tempus one step closer to its goal of becoming a leading player in the international gold exploration space.
