Image Source: empest Minerals Website
- Tempest has announced that it had secured firm commitments from institutional and professional investors to raise up to $8,440,500 (before costs).
- The equity placement program offered shares at AU$0.085 a unit, with one free attaching option for every two new shares issued under the placement.
- Under the equity placement, 99.3 million shares will be issued as part of the company’s existing capacity.
Shares of Tempest Minerals Ltd (ASX:TEM) surged 10% yesterday on the back of the success of the equity placement program to fuel the next leg of exploration activities at its highly prospective projects.
The diversified minerals explorer earlier today announced securing firm commitments from institutional and professional investors to raise up to $8,440,500 (before costs) to fund the ongoing exploration activity at its highly prospective Yalgoo, Mount Magnet and YLP project areas in Western Australia.
Receiving overwhelming support from leading domestic and international institutional investors and funds, the share placement program was heavily oversubscribed and targets to fund drilling, geophysical and other exploration campaigns at TEM’s extensive projects along with meeting working capital requirements of the company. Currently, the company plans to accelerate its exploration efforts at the Yalgoo projects, including the Meleya discovery.
The equity placement program offered shares at AU$0.085 a unit, with one free attaching option for every two new shares issued under the placement. These options can be exercised at AU$0.14 a unit with expiry at the end of two years from the date of issuance of the options. The issuance of options is subject to shareholders’ approval and the company intends to quote these options subject to meeting the ASX’s minimum listing requirements.
Under the equity placement, 99.3 million shares will be issued as part of the company’s existing capacity in accordance with ASX Listing Rules 7.1 (59.4 million Shares) and 7.1A (39.9 million Shares). Furthermore, 49.65 million Options will be issued, contingent on shareholders’ approval. New shares are anticipated to be settled on 26 April 2022.
Tempest had appointed PAC Partners Securities as the Lead Manager of the Placement. Tempest will pay a 6% selling fee on the Placement to the Lead Manager and will also issue 12.4125 million Options, subject to shareholder approval.
TEM traded at AU$0.10 a share on 20 April 2022.
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