- Tempest Minerals (TEM) enters a mid-week trading halt while it finalises the details of a capital raising
- The company will remain in the halt until April 19 or until an announcement with the details is released, whichever occurs first
- In its most recent news, Tempest revealed it had uncovered further broad intermittent zones of mineralisation at its Orion base metals prospect in Western Australia
- Hole WARDH73 was was drilled to a depth of 1021.4 metres and encountered multiple thick zones of enrichment and alteration
- Shares in Tempest last traded at 10 cents on April 12
Tempest Minerals (TEM) has entered a mid-week trading halt while it finalises the details of a capital raising.
The company will remain in the halt until April 19 or until an announcement with the details is released, whichever occurs first.
Tempest is yet to disclose how much it intends to raise or what it will use the funds for once received.
In its most recent news on April 4, Tempest saw its share price drop after announcing it had uncovered further broad intermittent zones of mineralisation at its Orion base metals prospect in Western Australia.
Hole WARDH73, which was drilled to a depth of 1021.4 metres, encountered multiple thick zones of enrichment and alteration.
Tempest said initial observations of the core suggested the zones were potentially “congruent” with those observed in the first hole.
This drilling was co-funded by the State Government’s exploration incentive scheme (EIS) which helps companies make new mineral discoveries.
Tempest said it expects to receive assay results in the June quarter and is currently in the process of planning further drilling at the Meleya Project.
Shares in Tempest last traded at 10 cents on April 12. The company has a $39.79 million market cap.