Tempest Minerals (ASX:TEM) has decided to not proceed with the binding agreement with international natural resources investor Cambrian regarding a proposed placement.
On 2 April, the company intended to raise $1 million with Cambrian investing $250,000.
Tempest is considering its fundraising options and will update the market as soon as reasonably practicable.
The funds it plans to raise will be used for ongoing exploration across its portfolio of projects in Western Australia, including advancing the Remorse target, which is located on the eastern side of the Yalgoo Project.
The Remorse target is characterised by a coherent core of copper-zinc mineralisation. The target also shows north-east trending nickel and rare earth zones, indicating a complex mineral system.
Cambrian is associated with corporate figure Neil Herbert who is the executive Chairman of Atlantic Lithium (ASX:AIM).
The company is currently focused on progressing various studies and preparing for further drilling at Remorse.
Tempest Minerals is an Australian mineral explorer focused on precious, base and energy metals discoveries.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals
