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Highlights
- Tempest Minerals has completed its Shortfall Offer, following the Entitlement Offer announced in April 2025.
- The combined capital raise has secured approximately AUD 1.47 million (before costs) through the issue of over 367 million shares and 91.82 million options.
- Funds will support iron ore exploration at Yalgoo, ongoing gold exploration, and cover offer-related costs.
Tempest Minerals Ltd (ASX:TEM) has announced the completion of its Shortfall Offer, following the pro-rata non-renounceable Entitlement Offer first announced in April 2025. The combined capital raise has secured approximately AUD 1.47 million (before costs) through the issue of 367.27 million shares and 91.82 million options.
Shortfall Placement Completion
The Shortfall Offer closed on 3 June 2025, resulting in the placement of over 223 million shares and 55.99 million options to parties introduced by lead manager Cygnet Capital Pty Ltd, under the board’s discretion. These securities were issued at AUD 0.004 per share, with the free-attaching options exercisable at AUD 0.01 on or before 31 May 2027.
This Shortfall placement followed Tempest’s Entitlement Offer, which was conducted on a 1-for-2 basis and had earlier raised AUD 509,386 from eligible shareholders, with an additional AUD 63,707 from accepted oversubscriptions.
Use of Funds
The proceeds from the Entitlement Offer and the Shortfall Placement will be directed towards:
- Accelerating exploration activities across the company’s project portfolio, including development of the Yalgoo Project.
- Supporting ongoing gold exploration and other project-related costs.
- Covering costs associated with the entitlement offer, including lead manager’s fees, ASX fees and legal fees.
Managerial Compensation
As part of its remuneration for managing the Offer and the Shortfall Placement, Cygnet Capital, was granted 28.03 million options, each exercisable at AUD 0.01 and expiring on 31 May 2027. These options were issued at a nominal price of AUD 0.00001 per option.
TEM shares were trading at AUD 0.004 per share at the time of writing on 25 June 2025.
