Tempus Resources to extend Canadian gold drilling after raising A$1.9 million in placement

Tempus Resources Ltd (ASX:TMR) (CVE:TMRR) (OTCMKTS:TMRFF) (FRA:4W0) has received firm commitments to complete a strongly supported non-brokered private placement raising around A$1.9 million. The placement was well supported by North American and Australian institutional and sophisticated investors with 12,465,425 ordinary shares to be issued at A$0.153 per share. “Exciting to be back on the ground” Tempus Resources president and chief executive officer Jason Bahnsen said: “We plan to resume drilling at our high-grade Canadian Elizabeth Gold Project within the coming 6-8 weeks and the placement will enable us to extend works there. “Given the great results from last year, it’s very exciting to be getting back on the ground at Elizabeth with an enlarged drilling program.” Shares have been as much as 22% higher this morning to A$0.195. Drilling at Elizabeth The company began drilling at Elizabeth in November 2020 and completed 11 holes for 2,006 metres before suspending operations for the season in late December. Assays returned bonanza grade gold intercepts including: 5 metres at 61.3 g/t gold from 116.5 metres including 1.5 metres at 186 g/t gold from 118 metres; and 3.2 metres at 28.1 g/t gold from 184 metres including 0.5 metres at 178 g/t gold from 184.5 metres. The company’s 2021 exploration program at Elizabeth is fully permitted and on schedule to start by the end of the current quarter. Tempus plans to drill around 7,500 metres aimed at expanding the known high-grade gold mineralisation by testing down-plunge and along strike extensions of currently delineated vein zones. Placement details Tempus will complete the placement utilising its available capacity under Listing Rules 7.1 and 7.1A, and it includes two tranches. Tranche 1 will consist of 6.4 million shares to be issued as Canadian flow-through shares at C$0.155 per share while Tranche 2 will comprise 6,065,425 shares at A$0.145 per share. Shares issued as Canadian flow-through shares qualify as such under the Income Tax Act (Canada), which provides tax credits for investors in qualifying mining and exploration activities. Proceeds will be exclusively used to incur eligible Canadian exploration expenses that are ‘flowthrough mining expenditures’ related to the exploration of the Blackdome-Elizabeth Gold Project. The Tranche 1 shares are subject to TSX Venture Exchange approval and will also be subject to a standard Canadian 4 month plus 1 day hold period. Proceeds of Tranche 2 will be available for expenditure on the company’s Ecuador projects and for general corporate purposes and shares issued under this tranche will not carry any holding restrictions.