- Tempest Minerals (TEM) enters a trading halt while it plans and finalises a capital raise
- It isn’t clear how much TEM is raising or what it will use the money for, but plans have been inked for field work and drilling across two WA-based projects
- It seems the company may benefit from a cash boost as it ended the June quarter with $785,000 in cash and 1.21 quarters left of available funding
- Nevertheless, TEM expects to come out of the trading halt by August 26, by which time details of the raise will most likely be announced
- Tempest last traded at 1.6 cents on August 23
Tempest Minerals (TEM) has entered a trading halt while it plans and finalises a capital raise.
The company hasn’t disclosed how much it hopes to raise or what the money will be used for. But these details should be released by no later than Thursday, August 26, which is when the company expects to come out of the trading halt.
Newsflow for the material stock has been light over the month of August, with its most recent announcement being its June quarterly report.
Tempest has four projects which cover more than 900 square kilometres within the Yalgoo region of Western Australia.
During the June quarter, the miner announced results from a 2100-metre drilling program completed at the Messenger Project in late March. Results included grades of up to 0.7 grams of gold per tonne and mineralisation within thicker zones of alteration.
Tempest also progressed approvals and planning for additional field work at its Meleya Project. The company expects to conduct drilling here in the December quarter.
In addition, Tempest Minerals is preparing to drill at the Euro Project as well as conduct field work to better understand its iron potential.
At the end of June, TEM had $785,000 in cash and an estimated 1.21 quarters left of available funding.
When responding to whether it has taken any steps to raise further cash, the company said it’s working towards establishing new funding arrangements.
Tempest last traded at 1.6 cents on August 23.