Tempest Minerals (ASX:TEM) has successfully completed a shortfall offer, raising an additional $895,968. This follows the pro-rata non-renounceable entitlement offer previously announced by the company. Tempest Minerals is an Australian mineral explorer focused on projects prospective for precious, base and energy metals. The funds raised will support the company’s exploration and development activities.
The shortfall offer represented approximately 39.01 per cent of shareholders, involving the issuance of 223.99 million shares and 56 million options. When combined with the initial entitlement offer, which raised $605,553, the total capital raised amounts to $1.469 million. Cygnet Capital served as the lead manager for the offer.
The capital raised is earmarked for exploration at the Yalgoo Project in Western Australia, iron development work, and general project costs. The Yalgoo Project, located 400km north of Perth, spans 1,000km2 and contains several identified targets. The project is considered prospective for copper, gold, base metals, precious metals, and iron ore.
Under the terms of the offer, shareholders were entitled to purchase one share for every two shares held, priced at $0.004 per share. Additionally, for every four new shares issued, investors received a free-attaching option, exercisable at $0.01 on or before 31 May 2027.
