Tempest Minerals (ASX:TEM) Ready to Drill Remorse Target with AU$830,602 in New Funding

August 07, 2024 03:05 PM AEST | By Aditi Sarkar

Tempest Minerals (ASX:TEM) Ready to Drill Remorse Target with AU$830,602 in New Funding — Image source: Company update

Recent News

Netstar Lifestyle Magazine Commence Features On Car Park Safety Soluti...

Gabe McDaniel Releases Debut EP, 'Like We Mean It' — A Gritty, Soulful...

Southwire Named to America’s Greatest Workplaces for Women 2025 Rankin...

PotlatchDeltic Contributes to Heyburn Elementary Playground

Highlights

Tempest raised AU$636,587 from the shortfall placement, totalling AU$830,602 from the rights issue.

Directors allotted the shortfall to interested parties.

Tempest made notable progress across its Yagloo and FiveWheels project in the June quarter.

Planned drilling at the Remorse Target is set to commence soon, with all necessary permits secured.

Tempest Minerals Limited (ASX:TEM) has completed the placement of the shortfall resulting from its non-renounceable pro-rata entitlement offer, as announced by the company on 10 July.

The offer allowed the issuance of one new share for every five fully paid ordinary shares held at AU$0.008 per share, resulting in the issuance of 79,573,471 new shares. This placement has raised an additional AU$ 636,587, bringing the total funds raised through the rights issue to AU$ 830,602.

The company directors distributed the shortfall to several interested parties based on their discretion. This targeted allocation approach has ensured that the shortfall was efficiently absorbed, maximising the benefit of the capital raised for the company's ongoing initiatives.

Tempest is focused on advancing exploration activities in Western Australia, with planned drilling at the Remorse Target set to commence shortly.

Tempest made notable progress across its Yagloo and FiveWheels projects in the June quarter. Additionally, the partial sale of the Tolu investment, combined with the successful entitlement issue, has provided crucial funds for exploration.

At the Yalgoo project, the drill program at the Remorse target will involve up to 5,000 meters of reverse circulation (RC) drilling, with all necessary permits in place. Extensional geochemistry sampling at Remorse has been completed. For the FiveWheels project, a comprehensive heritage and exploration plan has been finalised, and an EIS grant has been secured to cover 50% of the upcoming geophysical survey costs.

TEM shares traded at AU$0.010 at the time of writing on 7 August 2024.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.