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Highlights:
Tempest Minerals plans to raise funds for its Western Australian gold exploration projects and Remorse iron discovery.
The company will issue shares and options to raise funds, alongside a non-renounceable entitlement issue for existing shareholders.
Cygnet Capital will manage the placement and lead the entitlement issue.
Tempest Minerals (ASX:TEM) is an Australian-based mineral exploration company with a diversified portfolio of projects located in Western Australia. The company’s interests span across various types of metals, including precious, base, and energy metals. Tempest focuses on advancing its exploration initiatives in these areas, with specific emphasis on gold and iron exploration projects.
Capital Raising Initiative
Tempest Minerals has announced plans to raise funding through a capital raising initiative. The company is targeting a total to support the ongoing exploration work on its gold projects and to further develop the Remorse iron discovery located in the Yalgoo region.
As part of the capital raising process, Tempest will issue a total shares. In addition to the shares, free-attaching options will also be issued, which will be exercisable option. These options will expire on the 31st of May, 2027.
Entitlement Issue for Shareholders
In addition to the share placement, Tempest will conduct a non-renounceable entitlement issue targeting existing eligible shareholders. Shareholders will be able to acquire one additional share for every two shares currently held, priced at the same issue price as the placement. The company aims to raise through this entitlement issue.
Role of Cygnet Capital
Cygnet Capital has been appointed to manage the placement and lead the entitlement issue. The involvement of Cygnet Capital will provide expertise in overseeing the capital raising activities and ensuring the process is executed effectively.
Use of Funds
The funds raised through the capital raising will be allocated towards advancing exploration efforts across Tempest’s gold projects, which are focused on areas considered promising for gold deposits. Additionally, a portion of the funds will be directed towards further developing the Remorse iron discovery, which is an important target for the company’s iron exploration activities.
Tempest Minerals also plans to utilize part of the funds for general working capital, supporting the company’s day-to-day operational needs as it progresses with its exploration and development projects in Western Australia.
Focus on Western Australian Projects
Tempest’s exploration activities are centered on its Western Australian portfolio, which includes a range of projects in regions believed to hold mineral resources across various categories. The company’s exploration initiatives focus on discovering new resources and advancing its current projects towards further development.
