Tempest Minerals (ASX:TEM) has completed a pro-rata non-renounceable entitlement offer, raising $194,015, for an upcoming drilling program at the Remorse target in Western Australia.
Applications were received for a total 24.25 million shares, comprising 17.66 million entitlement shares and 6.5 million additional shares at $0.008.
The resulting shortfall from the offer is about 79.57 million shares, representing a take-up from eligible shareholders of 23.36%.
Under the offer, investors received one fully paid ordinary share for every five shares held.
On 4 July, the diversified mineral explorer received necessary approvals to launch drilling at Remorse, which is expected to begin mid-July 2024. Drilling will initially comprise 5,000m of reverse circulation drilling.
The Remorse target lies on the eastern side of the Yalgoo Project in Western Australia. Tempest has previously mentioned the presence of “large-scale” copper-zinc geochem and geophysical anomalies at the target.
Tempest Minerals is an Australia-based mineral explorer focused on precious, base, and critical minerals. The company’s projects lie in the Yalgoo and Perth regions, as well as the Earaheedy Basin and Albany Fraser Belt.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals
