\nTemas Resources Corp. (\u201cThe Company\u201d, \u201cTemas Resources\u201d, 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 \u201cEquity Investment Facility\u201d) from Crescita Capital.\n<\/p>\n
\n\u201cWe are very pleased to be receiving this level of institutional backing so early in the development of Temas Resources\u2019 business plan,\u201d said Michael Dehn, CEO. \u201cWith this equity investment Temas Resources\u2019 strategic vision and mission pursuit are being verified by institutional investors.\u201d\n<\/p>\n
\nThe 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.\n<\/p>\n
\n\u201cThis 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,\u201d Michael Dehn continued. “This confirmation gives us great confidence in our ability to get the La Blache property through the feasibility stage.\u201d\n<\/p>\n
\nTemas Resources can draw down funds from the $5 million Equity Investment Facility from time to time during the three year term at Temas Resources\u2019 discretion by providing a notice to Crescita Capital (\u201cDrawdown Notice\u201d), 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 \u201cPrivate Placement\u201d). 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 (\u201cPricing Period\u201d). The Drawdown Notice amount requested by Temas Resources cannot exceed 700% of the average daily trading volume of the Pricing Period.\n<\/p>\n
\nThe Company paid a 3% commission in shares and issued warrants equal to 8% of the outstanding shares of Temas Resources (together, the \u201cCommitment Fee\u201d), in both cases at the price and on the terms previously announced in our news release dated July 7, 2020.\n<\/p>\n
About Crescita Capital LLC<\/b><\/p>\n
\nCrescita Capital is an investment and consultancy group that provides financing and corporate development services for growth-stage companies in markets around the world (https:\/\/www.crescitacapital.com<\/a>).\n<\/p>\n About Temas Resources<\/b><\/p>\n \nTemas Resources Corp. (“Temas Resources<\/b>“) (CSE: TMAS) (OTCQB: TMASF) is responding to the growing global demand for iron ore and two strategically important minerals \u2014 titanium and vanadium \u2014 deemed by the U.S. Department of the Interior as critical to U.S. national security and the economy. Temas Resources\u2019 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 Company\u2019s first project, the DAB Property, consists of an option for 100% interest on 128 contiguous mineral claims which cover 6,813 hectares (68.14 km\u00b2) within the Grenville Geological Province. At the Company\u2019s flagship La Blache Property, the Company has 100% ownership of 48 semi-contiguous mineral claims which cover 2,653 hectares (26.53 km\u00b2) within the Grenville Geological Province. All public filings for the Company can be found on the SEDAR website www.sedar.com<\/a>. For more information about the Company, please visit www.temasresources.com<\/a>.\n<\/p>\n \nOn behalf of the Board of Directors of Temas Resources Corp.,\n<\/p>\n \u201cKyler Hardy\u201d<\/i><\/p>\n \nDirector\n<\/p>\n Forward Looking Statements<\/b><\/p>\n This news release includes certain \u201cForward\u2010Looking Statements\u201d within the meaning of the United States Private Securities Litigation Reform Act of 1995 and \u201cforward\u2010looking information\u201d under applicable Canadian securities laws. When used in this news release, the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201ctarget\u201d, \u201cplan\u201d, \u201cforecast\u201d, \u201cmay\u201d, \u201cwould\u201d, \u201ccould\u201d, \u201cschedule\u201d and similar words or expressions, identify forward\u2010looking statements or information. These forward\u2010looking statements or information relate to, among other things: entry into a definitive agreement for the Equity Investment Facility, closing of the Equity Investment Facility, the Company\u2019s plan to build an advanced base and special metals portfolio, the development of the La Blache Property and the DAB Property, including drilling activities; and future mineral exploration, development and production, the funding of the Company pursuant to the Equity Investment Facility, the issuance of securities pursuant to the Equity Investment Facility, and the resale restrictions and arrangements relating to such securities.<\/i><\/p>\n Forward\u2010looking statements and forward\u2010looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Temas Resources, future growth potential for Temas Resources and its business, and future exploration plans are based on management\u2019s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management\u2019s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of iron, titanium, vanadium and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Temas Resources\u2019 ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.<\/i><\/p>\n These statements reflect Temas Resources\u2019 respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward\u2010looking statements or forward-looking information and Temas Resources has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company\u2019s dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company\u2019s mining activities in Quebec; regulatory, consent or permitting delays; risks relating to reliance on the Company\u2019s management team and outside contractors; risks regarding mineral resources and reserves; the Company\u2019s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company\u2019s interactions with surrounding communities and artisanal miners; the Company\u2019s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption \u201cRisk Factors\u201d in Temas Resources\u2019 management discussion and analysis. Readers are cautioned against attributing undue certainty to forward\u2010looking statements or forward-looking information. Although Temas Resources has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. Temas Resources does not intend, and does not assume any obligation, to update these forward\u2010looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201130005190\/en\/<\/a><\/span><\/p>\n<\/p>\n