TMR: Private placement completed raising $762k

This morning our gold exploration investment Tempus Resources’ (ASX:TMR) raised $762k via a private non-brokered placement at CAD$0.07 (7.4c).

With TMR currently trading at ~9c per share the placement comes at a ~18% discount to the current market price.

TMR had ~$2.4M of cash left at the 31st of December 2021 and the exploration window in Canada is set to re-open in ~May with TMR expecting to get its drill rigs turning in ~June.

TMR is planning a ~30 hole, 8,500m drilling program for 2022 focussed mainly on expanding the Blue Vein discovery (15 of the 30 holes to target the Blue Vein) as well as the development of other vein targets including the Main Vein, West Vein and Ella Zone.

The ultimate aim of the 2022 drilling program will be to put out an updated NI43-101 (Canadian resource estimation code) Resource estimate for the Elizabeth project following the completion of the 2022 drill program.

Two of the three objectives we set for what we wanted to see TMR achieve in 2022 relate to exploration at its Canadian gold project, to see these objectives and why we continue to hold TMR in our portfolio check out our 2022 Investment Memo here.