Highlights
- TEM launched a pro-rata 1-for-5 entitlement issue to raise AU$0.83 million.
- The proceeds will be used to fund the next phase of exploration projects in Western Australia.
- TEM plans to undertake reverse circulation (RC) drilling at the Remorse and Sanity targets.
Tempest Minerals Ltd (ASX: TEM), an ASX-listed mineral exploration firm, seeks to raise up to AU$0.83 million through a pro-rata 1-for-5 non-renounceable entitlement offer to advance the next phase of exploration across its projects in Western Australia.
The offer is priced at AU$0.008 per share, reflecting a discount of 20% to the 10-day VWAP price of AU$0.01.
The record date of the offer is 5 June 2024, and the opening date is 11 June 2024.
Use of funds
The proceeds from the offer are proposed to be used in this way-
Image source: Company update
The company is committed to undertake RC drilling at the Remorse Target (NYSE:TGT) where copper-zinc geochemical anomaly is coincident with a geophysical anomaly. Moreover, RC drilling is planned at the Sanity gold target, located several kilometres to the south of the Remorse target.
TEM shares traded at AU$0.010 on 31 May 2024.
