Tempest Minerals (ASX:TEM) is undertaking a capital raising targeting $1.869 million, which will be used to fund development across its Western Australian gold exploration portfolio and the Remorse iron target.
Under the placement, 100 million shares will be issued at $0.004 per share together with 25 million free-attaching options exercisable at $0.01 and expiring on 31 May 2027.
Tempest will also undertake a non-renounceable entitlement issue to existing eligible shareholders on the basis of one share for every two shares held at the same issue price as the placement. The company aims to raise $1.469 million.
Cygnet Capital will act as the manager to the placement and lead manager to the entitlement issue.
The funds will be applied towards ongoing exploration work across the company’s gold projects and developing the Remorse iron discovery in the Yalgoo region. The funds will also be used for general working capital.
Tempest Minerals is an Australia-based mineral explorer focused on its diversified portfolio of projects in Western Australia considered prospective for precious, base, and energy metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals
