Tempest Minerals Ltd (ASX:TEM) will progress exploration at its Western Australian projects, including upcoming drilling at the Remorse target within the Yalgoo Project, after completing a pro-rata non-renounceable entitlement offer.
The company received applications for a total of 24,251,886 shares, which amounted to funds of $194,015.
There were applications for 17,662,016 entitlement shares and 6,589,870 additional oversubscription shares with new shares are expected to be issued on Friday, July 12, 2024.
This offer comprised one fully paid ordinary share in the company for every five fully paid ordinary shares held at an issue price of $0.008 per new share.
Shortfall
The resulting shortfall from the offer is 79,573,471 shares with the take-up from eligible shareholders for the offer being approximately 23.36%.
Directors may allocate the shortfall at their discretion within three months of the closing date of the offer. Various parties who have previously expressed potential interest in taking up the shortfall will be approached.
Tempest has thanked shareholders for their support and is pleased to be able to further progress exploration at its WA projects, including an upcoming drilling program at the Remorse Target (NYSE:TGT).