Additional $3.9M raised to fund drilling programs
Yesterday our gold exploration Investment Tempus Resources (ASX:TMR) completed a further capital raise through a non-renounceable entitlement offer.
TMR raised a total of $3.9M at a share price of 5c with all of the shares expected to be issued on the 5th of September (next Monday).
The offer also comes with one for one unlisted options exercisable at 7.5c per share.
Of the total amount raised existing shareholders applied for $1.9M and the remainder through the shortfall facility.
We also noticed that non-executive chairman Alexander Molyneux took $125K of the offer through the partial underwriting of the offer. With these type capital raises we always look for director participation as it provides a good indicator as to how the people closest to the business view the company’s market valuation.
Together with the placement completed in July TMR has now raised $4.9M adding to the company’s existing cash balance of $1.1M on 30 June 2022.
With the company’s balance sheet strengthened we turn our attention over to the ongoing drilling program at the company’s Canadian gold project.
Next:
We want to see the assay results from the recent visible gold intercept TMR made.
To see how we are tracking TMR’s news flow check out our company “Progress Tracker” to see TMR’s whole journey from project acquisition to where it is now, as well as where the company is trying to take it.
