Tempest Minerals (ASX:TEM) has successfully concluded its entitlement offer, raising $605,553 through the issuance of 151.39 million shares. Cygnet Capital served as the lead manager for the offering, which involved offering one ordinary share for every two shares held at a price of $0.004. The company received applications for 127.35 million entitlement shares, equating to 31.84 million options, and an additional 24.04 million shares from the shortfall, representing 6.01 million options.
The shortfall constituted approximately 39.01% of shareholders, with 223.99 million shares and 56 million options slated for issuance. Free-attaching options are exercisable at $0.01 for every four shares issued, and are available until May 31, 2027. Following the closure of applications earlier this month, Tempest Minerals is expected to issue the shares and options today, June 11.
Announced initially in May 2024, the funds raised are earmarked for advancing exploration activities at the Yalgoo Project, iron development, and covering other project-related costs. Tempest Minerals, a mineral explorer, concentrates on precious, base, and energy metals across its portfolio of projects located in Western Australia.
