The Sprott Inc (TSE:SII) (NYSE:SII) entity reached this status on June 25 after acquiring more than 3.611 million shares at an average price of A$0.14 per share in the company’s A$4 million capital raising.
Shares in the gold explorer with projects in Canada and Ecuador last traded at A$0.365 and since the close on June 15 are up from A$0.195.
Bookbuild well supported
The recent bookbuild was well supported by sophisticated and institutional investors, including Sprott and an Asia-based natural resources investment fund.
It was completed in two tranches:
- Tranche 1, utilising the company’s available capacity under Listing rules 7.1 and 7.1A consists of 7,739,843 shares at A$0.13 per share, to raise A$1,006,179.
- Tranche 2, which was approved by shareholders at a general meeting, consists of 18,430,025 shares at an average price of A$0.16 per share, to raise approximately A$3 million.
Use of funds
Proceeds from the Tranche 1 placement will be applied to the company’s exploration projects in Ecuador and for general working capital.
The larger Tranche 2 component will be to fund exploration at the company’s Blackdome-Elizabeth Gold Project in British Columbia, Canada.
At the time managing director Brendan Borg said: “This capital raising ensures Tempus is well-funded for the exciting period ahead, as we commence our physical exploration programs in Canada in the coming weeks.
“We are very pleased to welcome some significant new investors to Tempus as part of this placement, as we continue to build our profile internationally and in Australia.”