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Tempest Minerals Limited ( (AU:TEM) ) has issued an announcement.
Tempest Minerals has amended its option agreement with Green Steel and Iron Pty Ltd over the Remorse Magnetite Project after the ASX determined that the original structure breached Listing Rule 11.4 and that exercising the option would require shareholder approval. Under the revised terms, exercise of the option for GISA to acquire the defined Remorse area is now expressly conditional on approval by Tempest shareholders, and the company will convene a general meeting while also tightening its regulatory compliance procedures to ensure future transactions are assessed for ASX Listing Rule issues and, where appropriate, supported by independent legal advice and early engagement with the exchange.
The most recent analyst rating on (AU:TEM) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Tempest Minerals Limited stock, see the AU:TEM Stock Forecast page.
More about Tempest Minerals Limited
Tempest Minerals Ltd is an Australian-based mineral exploration company with a diversified portfolio of projects in Western Australia, including an iron ore project progressing toward development alongside exploration for precious, base and energy metals. The company is led by an experienced board and management team with a record of exploration, operational and corporate success, and focuses on data-driven, risk-weighted exploration and development to maximise shareholder value.
Average Trading Volume: 1,284,144
Technical Sentiment Signal: Sell
Current Market Cap: A$7.71M
Learn more about TEM stock on TipRanks’ Stock Analysis page.