Temas Resources Corp. (The Company, Temas Resources, CSE: TMAS, OTCQB: TMASF), a publicly traded company focused on the advancement of mineral independence within stable, mining-friendly jurisdictions, announced today it has closed the previously announced institutional funding of $5 million (the Equity Investment Facility) from Crescita Capital.
We are very pleased to be receiving this level of institutional backing so early in the development of Temas Resources business plan, said Michael Dehn, CEO. With this equity investment Temas Resources strategic vision and mission pursuit are being verified by institutional investors.
The Equity Investment Facility is for an aggregate amount of CAD$5 million and Temas Resources will have three years to utilize the funding to expand and develop its assets. In addition, Temas may use the Equity Investment Facility as security, with the consent of Crescita Capital, to secure additional financing avenues.
This Equity Investment Facility with Crescita Capital will provide Temas Resources with the capital necessary to allow us to aggressively pursue the exploration and development of Temas Resources properties, Michael Dehn continued. “This confirmation gives us great confidence in our ability to get the La Blache property through the feasibility stage.
Temas Resources can draw down funds from the $5 million Equity Investment Facility from time to time during the three year term at Temas Resources discretion by providing a notice to Crescita Capital (Drawdown Notice), and in return for each Drawdown Notice funded by Crescita Capital, Temas Resources will allot and issue fully paid shares to Crescita Capital (each, a Private Placement). The shares issued in connection with any Private Placement will be priced at the higher of (i) the floor price set by Temas Resources and (ii) 90% of the average closing bid price resulting from the following ten days of trading after the Drawdown Notice (Pricing Period). The Drawdown Notice amount requested by Temas Resources cannot exceed 700% of the average daily trading volume of the Pricing Period.
About Temas Resources
Temas Resources Corp. (“Temas Resources“) (CSE: TMAS) (OTCQB: TMASF) is responding to the growing global demand for iron ore and two strategically important minerals titanium and vanadium deemed by the U.S. Department of the Interior as critical to U.S. national security and the economy. Temas Resources properties are located in the stable, mining-friendly jurisdiction of Quebec (Canada) bordering Vermont, Maine, and New York State (U.S.) in an area known as the Grenville Geological Province. The Grenville Geological Province is home to Lac Tio, the largest solid ilmenite deposit in the world. As a mineral exploration company focused on the acquisition, exploration and development of iron, titanium, and vanadium properties, Temas Resources has focused its efforts on advancing two major projects in the Grenville Geological Province area. The Companys first project, the DAB Property, consists of an option for 100% interest on 128 contiguous mineral claims which cover 6,813 hectares (68.14 km²) within the Grenville Geological Province. At the Companys flagship La Blache Property, the Company has 100% ownership of 48 semi-contiguous mineral claims which cover 2,653 hectares (26.53 km²) within the Grenville Geological Province.
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