Temas Resources Closes On $1.2 Million In First Tranche Of Financing
FULL DISCLOSURE: This is sponsored content for Temas Resources.
Temas Resources (CSE: TMAS) has completed the first tranche of non-brokered financing this morning. The tranche saw the firm close on an initial $1.2 million in gross proceeds, with further funds expected to be brought in prior to the financing being closed.
The first tranche saw the issuance of 5.9 million units at a price of $0.20 per unit, with each unit containing one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years from the date of issuance and contains an exercise price of $0.40 per share.
Proceeds from the financing are to be used to advance Temas’ exploration programs as well as for general corporate purposes.
READ: Temas Resources Files PEA Outlining $6.6 Billion After-Tax NPV(8%) At La Blache
Temas is currently focused on developing its La Blache titanium-vanadium-iron project in Quebec, which late last month filed a preliminary economic assessment outlining an NPV(8%) of $6.6 billion, based on a life of mine of 14 years and annual production of 660,000 tonnes of titanium dioxide. Payback on the project is estimated at 25 months, with the internal rate of return sitting at 60.8%.
The financing, once fully closed, is aiming to raise total proceeds of $1.5 million.
Temas Resources last traded at $0.22 on the CSE.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
