- Tempest Minerals (TEM) has received firm commitments to undertake a $1.15 million placement
- The placement will play out in two phases, with 35 million new ordinary shares issued to sophisticated investors of the placement’s lead manager, RM Corporate Finance
- Tempest will use the money to speed-up exploration programs at its Western Australian gold and base metal projects and for general working capital
- It owns the Warriedar West, Meleya, Messenger, Range, and Euro projects, all of which are prospective for copper, gold, and base and precious metals
- Company shares are up 2.63 per cent on the market, trading for 3.9 cents each
Tempest Minerals (TEM) has received firm commitments to undertake a $1.15 million placement.
The company entered a trading halt last Friday but did not disclose how much it would be raising or what it would use the funds for.
The placement will be undertaken in two phases, with 35 million new ordinary shares issued to sophisticated investors of the placement’s lead manager, RM Corporate Finance.
Under phase one, 22.5 million shares will be issued at 3.3 cents each to raise $742,500. Shares are expected to be allocated on November 20.
Phase two, which Tempest will undertake after the Annual General Meeting on November 30, will issue 12.5 million shares to raise the remaining $412,500.
Tempest will use the money to speed-up exploration programs at its Western Australian gold and base metal projects and for general working capital.
In mid-October, the company began a 2500-metre reverse circulation (RC) drilling program at its Warriedar West Project in Western Australia.
This program will test three areas within the project which contain surface anomalies containing up to 8.0g/t gold.
Tempest also owns the Meleya, Messenger, Range, and Euro projects, all of which lie in Western Australia and are prospective for copper, gold, and base and precious metals.
Company shares are up 2.63 per cent on the market, trading for 3.9 cents each at 12:14 pm AEDT.