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- Tempest Minerals (TEM) raises $8.44 million through a placement to fast track exploration at its projects in the Yalgoo region of Western Australia
- The company issued 99.3 million new shares at a price of 8.5 cents each
- For each two new shares subscribed for an option will be issued, exercisable at 14 cents and expiring in two years
- The funds will be used for drilling, geophysics, further analyses, and working capital across its exploration portfolio
- Before market open, shares are trading at 10 cents each
Tempest Minerals (TEM) has raised $8.44 million through a placement to accelerate exploration at its projects in the Yalgoo region of Western Australia.
The company issued 99.3 million new shares at a price of 8.5 cents each.
For each two new shares subscribed for an option will be issued, exercisable at 14 cents and expiring in two years.
Majority of the funds will be directed towards the company’s Yalgoo projects, including the recent discovery at the Meleya project.
It will help fund drilling, geophysics, further analyses, and working capital across its exploration portfolio.
Chairman Brian Moller said the placement saw a positive response from high net worth, sophisticated and professional investors.
“Our recent mineralised discovery in the Yalgoo region highlights the only one example of the huge potential that TEM is able to unlock,” he said.
“With a strengthened cash position, we’ll have great flexibility to scale up our drilling and other activities to provide more strong news flow to shareholders”
Before the market opened, shares were trading at 10 cents each.
