Tempest Minerals (ASX:TEM) has completed an entitlement offer to raise $605,553 receiving a total of 151.39 million shares in applications.
Cygnet Capital acted as the lead manager for the offer.
Offering one ordinary share for every two shares held at a price of $0.004, the company received 127.35 million applications for entitlement shares, equaling 31.84 million options, and another 24.04 million in additional shares, equalling 6.01 million options from the shortfall.
The shortfall represents roughly 39.01% of shareholders with 223.99 million shares and 56 million options to be issued from the offer.
Free-attaching options are exercisable at $0.01 for every four shares issued, available on or before 31 May 2027.
Following the close of applications earlier this month, Tempest expects to issue shares and options today (11 June).
Under the terms of the entitlement offer, the directors may allocate the shortfall within three months of the closing date of the offer.
First announced in May 2025, funds raised will be delegated towards advancing exploration at the Yalgoo Project and iron development, as well as other project costs, as reported by Mining.com.au.
Tempest Minerals is a mineral explorer, focused on precious, base, and energy metals across its portfolio of projects in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Tempest Minerals
