Tempest (ASX:TEM) closes Oversubscribed Entitlement Offer, secures commitments for AU$500K Top-up Placement - Kalkine Media

Highlights

• Tempest announced the closure of the pro-rata non-renounceable rights offer following heavy oversubscription of securities.
• Under the Offer, a free attaching option will be granted for every three new shares issued, with an exercise price of $0.03 and an expiry date of 31 March 2023.
• Tempest will also undertake a top-up placement to raise a total of up to AU$500,000 for professional and sophisticated clients of Euroz Hartleys Limited.

Tempest Minerals Limited (ASX:TEM) announced that the AU$1.25-million pro-rata non-renounceable rights offer (Offer) has been closed following an overwhelming response from the investors.

AU$1.25-million pro-rata non-renounceable rights offer

The entitlement offer was oversubscribed and comprised one share for every four shares held at an issue price of AU$0.017 a share. Under the Offer, a free attaching option will be granted for every three new shares issued, with an exercise price of $0.03 and an expiry date of 31 March 2023.

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Furthermore, the company announced that it had received applications for a total of 79,119,248 shares and 26,373,237 options, aggregating to AU$1,345,027. The applications have been submitted for –

• 42,117,174 Entitlement shares and 14,039,166 attaching options; and
• 37,002,074 Additional Shares and 12,334,071 attaching options (oversubscriptions).

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The resulting shortfall from the Offer of 73,697,827 shares includes 31,580,653 shares and 10,526,931 options representing a take-up from eligible shareholders of approximately 57.15%. Any valid applications for additional shares and attaching options exceeding the shortfall from the Offer will be scaled back to confirm that the mineral’s player issues as many as 73,697,827 shares and 24,566,097 options to raise $1,252,863.

Fundraising to bolster exploration efforts at WA assets

Source: Company Website

Tempest is extremely pleased by the amazing response to the Offer and thanked all shareholders for their support. The company is excited to move forward on its exploration at its Western Australian projects, which include proposed drilling at them. As previously announced, securities are planned to be issued on 22 October 2021.

Top-up placement to raise another AU$500,000

Tempest will also undertake a top-up placement for another 29,411,765 shares and up to 9,803,922 attaching options for professional and sophisticated clients of Euroz Hartleys Limited to raise a total of up to AU$500,000.

Tempest's shareholders have already approved the placement at the general meeting held on 11 October 2021. The terms of the placement are similar to the Entitlement Offer. The company has already secured firm commitments for the placement and expects to allot shares along with Entitlement Offer securities.

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