Tempus raises exploration cash
PERTH (miningweekly.com) – Junior Tempus Resources will raise A$4-million through a share placement to fund exploration work in Ecuador and Canada.
The company on Monday said that it had completed a book build for the issue of some 26.16-million shares, at a price of 15.3c each, with shares to be placed to sophisticated and institutional investors.
“This capital raising ensures Tempus is well funded for the exciting period ahead, as we commence our physical exploration programmes in Canada in the coming weeks. We are very pleased to welcome some significant new investors to Tempus as part of this placement, as we continue to build our profile internationally and in Australia,” said MD Brendan Bong.
The placement will be conducted in two tranches, with the first consisting of more than 7.7-million shares, to raise an initial A$1-million. This tranche placement will be made under the company’s existing placement capacity.
The second tranche, consisting of some 18.4-million shares, will raise an additional A$3-million. And will be subject to shareholder approval.
The proceeds from the first tranche placement will be applied to exploration projects in Ecuador, and for general working capital, while the funds from the second tranche placement will be used on exploration at the Blackdome-Elizabeth gold project, in British Columbia.
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