Temas Resources Completes First Tranche of Private Placement

VANCOUVER, BC / ACCESSWIRE / April 8, 2024 / Temas Resources Corp. (CSE:TMAS)(OTCQB:TMASF) ("Temas" or the "Company") is pleased to announce that, further to its press releases dated February 8, 2024 and March 22, 2024, the Company has closed the first tranche of its non-brokered private placement (the "Financing"), issuing 5,943,690 units (the "Units") at a price of $0.20 per Unit for aggregate gross proceeds of $1,188,738.

Each Unit consists of one common share of the Company (a "Share") 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 Share at an exercise price of $0.40 for a period of two years from the closing date.

The gross proceeds raised from the sale of Units will be used to advance the Company's exploration programs and for general corporate matters.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the Offering will be subject to a four month hold period commencing on the Closing Date.

Certain directors of the Company subscribed for an aggregate 3,353,690 Units under the Financing for gross proceeds of $670,738. Participation by insiders of the Company in the Financing constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as the Shares are listed on the Canadian Securities Exchange. The issuance of securities is also exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value was less than $2,500,000.

Additionally, the Company announces that it has engaged Capital Analytica ("Analytica") to provide investor relations and communications services to the Company in exchange for compensation of $120,000.

Capital Analytica
3786 Glen Oaks Drive, Nanaimo, BC
Tel: [phone]
Email: [e-mail]

The services will include continuing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and investor relations services. The term of the agreement with Analytica is for a period of six months beginning on April 1st, 2024.