PERTH, AUSTRALIA / ACCESSWIRE / May 14, 2021 / Tempus Resources Ltd ("Tempus" or the "Company") (ASX:TMR, Financial)(TSX.V:TMRR) is pleased to announce that it has closed the non-brokered private placement announced on 23 April 2021 (the "Placement").
The Placement has been completed utilising the Company's available capacity under ASX Listing Rules 7.1 and 7.1A. It includes two tranches: Tranche 1, which consists of 6,037,736 ordinary shares issued on 12 May, 2021, as "Canadian flow-through shares" at a price of C$0.155 (approximately A$0.163) per share for proceeds of approximately C$935,849; and Tranche 2, which consists of 6,065,425 ordinary shares issued on 30 April 2021 at a price of A$0.145 (approximately C$0.138) per share for proceeds of approximately A$879,487. The total proceeds from both Tranche 1 and Tranche 2 of the Placement are approximately A$1,866,149 (C$1,770,042). Following the completion of the Placement, the Company has 98,744,613 shares on issue.
The Tranche 1 Placement shares have been issued as "Canadian flow-through shares" and qualify as such under the Income Tax Act (Canada), which provides tax credits for investors in qualifying mining and exploration activities. The proceeds of these will be exclusively used to incur eligible Canadian exploration expenses that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)), related to exploration of the Company's Blackdome-Elizabeth Gold Project in British Columbia, Canada. The shares issued in the Tranche 1 Placement will have a standard hold period of 4 months plus one day and will be available for trading on 13 September, 2021.
Proceeds of Tranche 2 are available for expenditure on the Company's Ecuador projects and for general corporate purposes. Shares issued under Tranche 2 do not carry any holding restrictions.
The Company has received conditional acceptance of the TSX Venture Exchange (the "TSXV Exchange") to complete the Placement, which remains subject to final TSXV Exchange approval.
In relation to the completion of Tranche 1 of the Placement, the Company has agreed to pay Clarus Securities Inc. and Haywood Securities Inc. and Beacon Securities Limited, subject to final TSX.V Exchange approval, aggregate cash finder's commissions of approximately C$56,151 and 362,264 non transferrable share purchase warrants ("Finders Warrant"). Each Finder Warrant entitles the holder the right to purchase one ordinary share of the Company for a price of C$0.155 for a period of 24 months from the date of issue.
In relation to the completion of Tranche 2 of the Placement, the Company has agreed to pay Aesir Corporate Pty Ltd, subject to final TSX.V Exchange approval, aggregate cash finder's commissions of approximately A$52,769 and 1,516,356 non transferrable options ("Finders Options").
