- Tempest Minerals (TEM) has entered a trading halt ahead of a capital raise
- The materials stock, formerly Lithium Consolidated (LI3), is a mineral exploration company with operations in WA
- At this stage, it isn’t certain how much Tempest is looking to raise, or what the money will be used for
- However, it’s currently focused on drilling at its Warriedar West Project, as well as surface sampling at its other projects
- At the end of September, Tempest had just over $1 million in cash — meaning it could stand to benefit from some fresh funding
- Company shares last traded for 3.8 cents on Thursday, November 12
Tempest Minerals (TEM) has entered a trading halt ahead of a capital raise.
The company will remain in a trading halt until the earlier commencement of trading on Tuesday, November 17, unless details of the raise are announced earlier.
Tempest Minerals, formerly Lithium Consolidated (LI3), is a mineral exploration company who changed its name in August to better reflect its diversity.
The company has multiple operations in Western Australia that are prospective for precious, base and energy metals.
At this stage, it isn’t certain how much Tempest is looking to raise, or what the money will be used for. However, its recent focus has been on exploration at the Warriedar West Project after a brief interruption due to COVID-19.
A 2500-metre drilling program began at the gold project last month to test anomalies including 8g/t gold surface rock chips.
In addition, Tempest is conducting systematic surface sampling and drill planning at other projects within its portfolio.
Last quarter, Tempest completed a $1.35 million capital raise and sold its assets in Africa to Premier African Minerals for around $150,000 in cash and over 124.5 million Premier shares.
As of September 30, it had just over $1 million in cash — meaning it could stand to benefit from some fresh funding.
Company shares last traded for 3.8 cents on Thursday, November 12.