Temas Completes Equity Financings

Temas Resources Corp. (“Temas” or the “Company”) [CSE: TMAS] is pleased to announce that the Company has closed a non-brokered private placement (the “Financing”), 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 Company (a “FT Share”), each of which will qualifies as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”), and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof 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 incurred on its Quebec iron-titanium-vanadium projects, expected to be primarily drilling. The gross proceeds raised from the sale of Units will only be used to incur “Canadian exploration expenses” that are “flow-through mining expenditures” (as such terms are defined in the Tax Act) on the Company’s Quebec mineral iron-titanium-vanadium projects.
The Company paid Laurentian Bank Securities Inc. (the “Finder”) cash fees of $30,500 and issued 686,250 Warrants to the Finder (the “Finders Warrants”) as compensation for introducing the purchasers of Units to the Company. The Finders Warrants have the same terms as the Warrants partially comprising the Units issued pursuant to the Financing.
The Warrants include an acceleration clause which will provide that, in the event that the closing price of the Purchaser’s common shares on the CSE, or such other relevant 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 the Warrants with written notice that holders have thirty (30) days within which to exercise the Warrants on the original terms.
All securities issued pursuant to the Financing are subject to a statutory four-month and one day hold period from the date of issuance 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 constituted a drawdown of the $5 million equity investment facility with Crescita Capital LLC.