Tempest Minerals (ASX:TEM) has confirmed it has received firm commitments for $400,000 from sophisticated and wholesale investors as part of a strategic capital raise to accelerate exploration across its gold portfolio and the development of the Remorse Magnetite Iron Deposit in Western Australia.
Key Highlights:
$400,000 raised via placement of 100 million shares at $0.004
25 million free-attaching options (exercise price $0.01, expiry 31 May 2027)
Upcoming non-renounceable entitlement issue to raise up to $1.469 million
Proceeds to fund exploration and development at Remorse Iron and gold targets
The placement, managed by Cygnet Capital Pty Ltd, was strongly supported by new investors. Funds raised will be allocated toward metallurgical work at Remorse and expanded gold exploration within Tempest’s WA portfolio.
Read the full announcement on the Investor Hub
Watch the announcement video from MD Don Smith for further insights into this capital raise and what’s ahead for Tempest Minerals:
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