Tempus shares tank, Manitoba deal is axed
The share price of junior Tempus Resources tanked 25% on the ASX on Monday, as the company announced the axing of a proposed lithium acquisition in Canada and the idling of its projects in Ecuador.
In addition, the Perth-headquartered junior said that it would drop its listing on the TSX-V.
The exploration company lost a quarter of its value on Monday, trading at A$0.09 a share late in the afternoon.
Tempus in September announced a heads of agreement for an option to acquire Aurora, a private company that owns the Cormorant and White Rabbit projects, in central Manitoba, Canada.
However, following the completion of due diligence, including two geological site visits and analysis of samples, Tempus said it had decided to not proceed with the proposed acquisition.
The company has also placed its two Zamora projects in Ecuador, on care-and-maintenance status and said it would seek to dispose of them.
The firm’s flagship project is the Blackdone-Elizabeth project, a past-producing gold project in British Columbia.
Tempus explained that it would delist from the TSX-V, citing minimal trading activity of shares on the exchange and the fact that most of its investors were Australia-based.
Following the delisting from the TSX-V, the Tempus board will reduce from five to three directors, with nonexecutive directors Anthony Cina and Colin Russel stepping down.
In addition, CEO Jason Bahnsen will have his salary amended to A$5 000 a month from January 1 and the remaining board members will suspend their fees from the same date.
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