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Image source: Company update
Highlights
- Tempest Minerals has completed an entitlement offer with 24.25 million shares applied for.
- The company is preparing to initiate drilling at the Remorse target.
- Initial drilling will cover 5,000 metres of reverse circulation drilling.
Tempest Minerals Limited (ASX:TEM), an ASX-listed mineral exploration firm, has bolstered its financial position through the completion of a pro-rata non-renounceable entitlement offer. Existing shareholders were offered the opportunity to purchase one new share for every five held at AU$0.008 per share.
The company received applications for a total of 24,251,886 shares, amounting to AU$194,015. This included applications for 17,662,016 entitlement shares and 6,589,870 additional shares (oversubscriptions).
The new shares are scheduled to be issued on 12 July 2024.
The offer fell short by 79,573,471 shares, indicating a participation rate of approximately 23.36% among eligible shareholders.
The proceeds will be used to accelerate exploration activities across the company’s Western Australian projects, particularly focusing on the upcoming drilling at the Remorse target.
Funds to rev up exploration across Remorse Target
Image source: Company update
Located on the eastern side of the company’s flagship Yalgoo Project, the Remorse Target has been identified with significant copper-zinc geochemical and geophysical anomalies from previous surveys.
The company has secured all necessary regulatory approvals and completed preparations to commence drilling at the site, starting with 5,000 metres of reverse circulation drilling.
The share price of TEM was AU$0.0080 at the time of writing on 11 July 2024.
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