Tempest Minerals (ASX:TEM) has announced a capital raising initiative targeting $1.869 million. The capital will be deployed to advance development across its Western Australian gold exploration portfolio and the Remorse iron target. The placement involves issuing 100 million shares at $0.004 per share, accompanied by 25 million free-attaching options exercisable at $0.01 and expiring on May 31, 2027. Additionally, Tempest Minerals will conduct a non-renounceable entitlement issue to existing shareholders, offering one share for every two held, at the same issue price as the placement, aiming to raise $1.469 million.
Cygnet Capital has been appointed as the manager for the placement and lead manager for the entitlement issue. The raised funds will be strategically allocated towards ongoing exploration activities within the company’s gold projects and further developing the Remorse iron discovery located in the Yalgoo region. A portion of the funds will also serve as general working capital to support the company’s operations. Tempest Minerals focuses on a diversified portfolio of projects in Western Australia, targeting precious, base, and energy metals.