Temas Resources (CSE: TMAS) has closed a flow-through private placement, raising gross proceeds of $2.6 million for the junior exploration firm that is focused on iron, titanium and vanadium. The financing was conducted at a premium to the current market price of the company, with shares being sold at a price of $1.00 per share.
The flow through private placement resulted in the issuance of 2.6 million common shares of the issuer. Proceeds from the financing are to be used for mining exploration purposes within the province of Quebec, with exploration to occur within 24 months as per flow-through financing regulations. The financing is said to enable the company to execute on critical mining exploration objectives for its current projects.
Commenting on the financing, Temas CEO Michael Dehn stated, “This Private Placement through Laurentian Bank Securities Inc. adds additional certainty to Temas Resources’ current corporate trajectory. The consistent support we’re beginning to see from financial institutions is allowing Temas Resources to continue to accelerate its rate of development.”
Temas Resources last traded at $0.83 on the CSE.
Information for this briefing was found via Sedar and Temas Resources Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
