After raising $636,587, Tempest Minerals (ASX:TEM) plans to progress exploration activities across its portfolio of assets, including drilling at the Remorse target in Western Australia.
Under a one-for-five pro-rata entitlement offer announced at the end of May, Tempest had sought to raise roughly $830,000, but only fielded subscriptions for 24.25 million shares at $0.008 per share, generating $194,015.
The shortfall of some 79.57 million shares has now been placed, raising a further $636,587 for a total of $830,602.
The company now plans to begin a 5,000m reverse circulation drilling program at Remorse.
The Remorse target lies on the eastern side of the Yalgoo Project in Western Australia. Tempest has previously mentioned there is a presence of large-scale copper-zinc geochemical and geophysical anomalies at the target.
Tempest Minerals is an Australia-based 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
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