Tempest Minerals Completes Entitlement Offer, Eyes Exploration Progress

An announcement from Tempest Minerals Limited ( (AU:TEM) ) is now available.

Tempest Minerals Limited has successfully completed its pro-rata non-renounceable Entitlement Offer, raising $605,552.76 through the issuance of 151,388,087 new shares and 37,847,074 new options. Despite a 39.01% take-up from eligible shareholders, resulting in a shortfall of 223,992,137 shares, the company remains optimistic about advancing its exploration projects in Western Australia. The directors, in consultation with the lead manager, Cygnet Capital Pty Limited, have the discretion to allocate the shortfall within three months, potentially impacting the company’s operational and financial strategies.

More about Tempest Minerals Limited

Tempest Minerals Ltd is an Australian mineral exploration company with a diverse portfolio of projects in Western Australia. The company focuses on exploring precious, base, and energy metals, leveraging its experienced board and management team to maximize shareholder value through data-driven exploration and development.

Technical Sentiment Signal: Sell

Current Market Cap: A$3.67M

For a thorough assessment of TEM stock, go to TipRanks’ Stock Analysis page.