Temas Resources Corp. (“Temas” or the “Company”)[CSE: TMAS] is pleased to announce that the Company has closed a non-brokered private placement (the “Funding”), issuing 7,625,000 flow-through units (the “Units”) at a price of $0.08 per unit for aggregate gross proceeds of 610 $000. Each Unit consists of one common share of the Corporation (a “FT Share”), each of which is considered a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act. Revenue (Canada) (the “Flow-Through Share” Tax Act), and one-half common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each warrant entitles its holder to purchase one additional common share at an exercise price of $0.10 for a period of three (3) years from the closing date.
The Company intends to use the net proceeds of the Financing for exploration activities undertaken on its Quebec iron-titanium-vanadium projects, which are expected to be primarily drilling. Gross proceeds from the sale of Units will only be used to incur “Canadian Exploration Expenditures” which are “Flow-Through Mining Expenditures” (as such terms are defined in the Tax Act) on the Company’s Quebec iron-titanium-vanadium ore. projects.
The Company paid Laurentian Bank Securities Inc. (the “Intermediary”) a cash fee of $30,500 and issued 686,250 warrants to the Intermediary (the “Intermediary Warrants”) as compensation for introducing purchasers to units to the Company. The warrants of intermediaries have the same conditions as the warrants comprising partially the units issued within the framework of the financing.
The warrants include an acceleration feature which provides that in the event that the closing price of the purchaser’s common stock on the CSE, or any other relevant stock exchange, is equal to or greater than C$0.20 per share for a period of thirty (30) consecutive trading days, the Company may provide holders of Warrants with written notice that they have thirty (30) days to exercise the Warrants on the original terms.
All securities issued under the financing are subject to a statutory hold period of four months and one day from the date of issue in accordance with applicable securities laws of Canada.
Temas also wishes to announce that it has closed a non-brokered private placement (the “Private Placement”) of 1,000,000 common shares at a price of $0.057 per common share. The private placement was a draw on the $5 million equity investment facility with Crescita Capital LLC.
On behalf of the Board of Directors,
Michael Dehn, President and CEO
About Temas Resources
Temas Resources Corp. (CSE: TMAS) (OTCQB: TMASF) focuses on advancing mineral independence and the processes by which mineral products (nickel, iron, copper, gold, ilmenite and other sulphide and oxide ores and mineral concentrates) are processed and recovered using sustainable hydrometallurgical technologies. The Company invests and strives to apply its green technologies across its mining portfolio to reduce the environmental impact and carbon footprint of metal mining through advanced processing and leaching technologies patented. The Company is advancing iron-titanium-vanadium projects in Quebec and recently released the results of a preliminary economic assessment of the Piskanja Boron project in Serbia.
All public documents filed for the Company can be found on the SEDAR website www.sedar.com. For more information about the company, please visit www.temasresources.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical facts, included herein, including, but not limited to, results of the EEP, including projected investments, estimated after-tax NPV and IRR, estimated LOM and estimated concentrate grades, potential production from and viability of Piskanja, risks and opportunities described in the PEA, potential tonnage, grades and contents of deposits, extent of mineral resource estimates, expected results the exploration program of exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of the Company are forward-looking statements. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are generally identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”. , “should”, “will”, “potential”, “expected” or variations of such words and similar phrases and expressions, which by their nature refer to future events or results that may, might, or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, without limitation, that the Company will receive all necessary approvals to develop Piskanja as stated. in the PEA, that the PEA’s assumptions are reasonably accurate, market fundamentals will result in sustained demand and prices for boron, the timely receipt of all necessary permits, licenses and regulatory approvals in connection with development. future of Piskanja, the availability of financing on appropriate terms for the development, construction and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the information. prospective. These risks and other factors include, among others, the need for additional capital, operational and technical difficulties related to mining exploration and development activities, the actual results of exploration activities, including on the Piskanja project, the estimate or realization of mineral reserves and mineral resources, and there can be no assurance that such interests will be certain, the timing and amount of estimated future production, production costs, capital expenditures, costs and timing of development of new deposits, additional capital requirements, future boron prices, changes in general economic conditions, changes in financial markets and in the market demand and price of raw materials, lack of investor interest in future funding, accidents, labor disputes and other mining industry risks, ret ards in obtaining government approvals (including CSE), permits or financing or in carrying out development or construction action activities, the risks associated with epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, securities disputes, the Company’s inability to obtain necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, risks associated with the joint venture’s operations and other risks and uncertainties disclosed in the disclosure documents. continuous information of the Company. All of the Company’s Canadian public filings are available through www.sedar.com and readers are encouraged to consult such filings.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any forward-looking statements contained in this press release or incorporated by reference herein, except as otherwise required by law.
Cautionary Note to US Investors
Temas Resource Corp. prepares its disclosure in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. Terms relating to mineral resources in this press release are defined in accordance with NI 43-101 under the guidelines set forth in the CIM Standards for Defining Mineral Resources and Mineral Reserves, adopted by the Board of the Institute. Canadian Mining, Metallurgy and Petroleum Industry on May 19. 2014, as amended (“CIM Standards”). The United States Securities and Exchange Commission (the “SEC”) adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize property disclosure requirements companies for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934.
Following the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, which are defined in substantially similar terms. to the corresponding CIM standards. In addition, the SEC amended its definitions of “proved mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding CIM standards.
US investors are cautioned that while the above terms are “substantially similar” to the corresponding definitions in the CIM Standards, there are differences in the definitions of the SEC Modernization Rules and the CIM Standards. Accordingly, there can be no assurance that the mineral resources that Temas could report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would have been the same if Temas Resource Corp. standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or other economic studies, except in limited circumstances, where permitted by NI 43-101.
NEITHER THE CSE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.
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