Tempest Minerals (ASX:TEM) has completed a shortfall offer arising from the previously reported pro-rata non-renounceable entitlement offer, raising a further $895,968.
As previously reported, Tempest completed an entitlement offer which raised $605,553. The shortfall represented roughly 39.01% of shareholders with 223.99 million shares and 56 million options to be issued from the offer.
The placement, which in total raised $1.469 million, was conducted to fund exploration at the Yalgoo Project in Western Australia and iron development work, alongside other project costs.
Cygnet Capital acted as the lead manager to the offer.
Under the offer, one share was offered for every two shares held at $0.004 per share, with a free-attaching option exercisable at $0.01 on or before 31 May 2027 on the basis of one option for every four new shares issued.
The Yalgoo Project, prospective for copper, gold, base metals, precious metals, and iron ore, is located 400km north of Perth, Western Australia. The project covers 1,000km2 and is host to numerous targets already identified.
Tempest Minerals is an Australian diversified mineral explorer focused on its portfolio of projects considered prospective for precious, base, and energy metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals
