Temas Resources Completes Second and Final Tranche of Oversubscribed Private Placement

VANCOUVER, BC / ACCESSWIRE / May 10, 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, March 22, 2024 and April 8, 2024, the Company has closed the second and final tranche of its oversubscribed non-brokered private placement (the "Financing"), issuing 2,655,000 units (the "Units") at a price of $0.20 per Unit for aggregate gross proceeds of $531,000.

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. The Company paid finders a cash fee of $2,520 and issued 12,600 finders' warrants (the "Finders' Warrants") as compensation for introducing certain purchasers of Units to the Company. The Finders' Warrants have the same terms as the Warrants.

Together with the closing of the first financing tranche announced on April 8, 2024, the Company issued an aggregate of 8,598,690 Units for aggregate gross proceeds of $1,719,738, oversubscribing the original offering by approximately 15%. Certain directors of the Company subscribed for an aggregate 3,353,690 Units of the first tranche the Financing for gross proceeds of $670,738 representing approximately 40% of the overall placement.

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.

About Temas Resources

Temas Resources Corp. is focused on the advanced La Blache and Lac Brule Iron-Titanium-Vanadium projects in Quebec. The critical metals the Company is exploring for are key to our national mineral independence. Additionally, the Company invests in and works to apply its green mineral recovery technologies across its mining portfolio to reduce the environmental impact and carbon footprint of metal extraction through advanced processing and patented leaching technologies.