More cash raised through non brokered placement.
This morning our gold Investment Tempus Resources (ASX: TMR) increased the size of its capital raise due to “increased investor demand”.
The capital raise will see TMR raise a total of ~$1.4M via two separate issues:
- Raising ~$1.1M at 6.7c per share by issuing “flow-through shares”.
- Raising ~336k at 5.6c per share by issuing ordinary shares.
Both issues are coming with 1:1 free “warrants” (options) with a two year expiry and exercise price of ~10c per share.
The difference in the capital raise pricing is because of the type of shares being issued.
“Flow-through shares” are a type of share issuance in Canada which gives investors certain tax deductions. This means companies are able to raise capital at premiums to the current market price - in TMR’s case this is an almost ~10% premium to the current market price.
The second issue is more representative of the type of capital raises we are used to on the ASX, with TMR issuing shares at a discount to its current market price of ~10%.
What’s next for TMR?
Assays from 40 hole drilling program at TMR’s Canadian gold project 🔄
TMR has ~21 assay results pending.
We are particularly interested in seeing what comes from the remaining assays at the No.9 Vein.
Given TMR is targeting thin gold veins, our focus will predominantly be on the grades of mineralisation.
We expect that anything above ~4-5g/t of gold will mean TMR could be onto something commercially mineable.
Updated mineral resource estimate 🔄
Since acquiring its project in 2019 TMR has completed three drilling programs for a total of ~80 new holes.
On top of this TMR completed ~49 drillholes in 2010 and 2011 that all sit outside of the current mineral resource estimate of 300k ounces of gold.
TMR will be looking to include all ~129 new drillholes in an updated mineral resource estimate that it expects to be ready in Q1-2023.
To do that TMR will have ~275% more drillholes than the 74 used to put together the ~300k ounce 2009 historic resource estimate.
