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Tempest Minerals (ASX: TEM) bolsters coffers with AU$1M to advance exploration - Kalkine Media

April 19, 2024 02:00 PM AEST | By Aditi Sarkar
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Tempest Minerals (ASX: TEM) bolsters coffers with AU$1M to advance exploration

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Highlights

  • Tempest Minerals is set to secure AU$1 million through the sale of 2 million TOK shares.
  • Funds generated from the sale will provide additional working capital to advance exploration works at the company’s existing projects.
  • The company has an upcoming drill program scheduled for the Remorse copper target, a part of the flagship Yalgoo Project.

Tempest Minerals Ltd (ASX: TEM), an Australian mineral exploration firm, provided an upbeat update on a share sale transaction. The company is selling 2 million TOK shares to secure AU$1 million (before costs). The sale of part of the profitable investment in TOK will provide additional working capital to advance exploration works at the company’s existing projects. The initial focus is on the Remorse copper target in Yalgoo.

Reflecting on this transaction, the company’s Managing Director Don Smith emphasised, “This sale bolsters Tempest’s coffers ahead of our upcoming exploration works and increases our flexibility to expand our plans if required. TEM has been excited to be part of the journey of Tolu’s listing on the ASX and has borne a nice return on investment for shareholders. We will retain a holding in Tolu that continues to give shareholders exposure to the substantial planned exploration and near-term production upside.”

At the time of writing this article (Friday 19 April 1:18 PM AEST), the share price of TEM was AU$0.009.

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