Tempest Minerals Ltd (ASX:TEM)’s $1 million seed funding investment in Tolu Minerals Ltd, (formerly Lole Mining Ltd) – could be money well spent as Tolu looks to raise between $10 million and $15 million at an issue price of $0.50 to list on the ASX this month.
TEM invested in Tolu at an issue price of A$0.37 to assist in the acquisition of the flagship Tolukuma Gold Mine, giving it commercial exposure to the Papua New Guinea (PNG) focused company and a strong position in a near-term gold producer.
Tolu is pursuing several high-grade gold opportunities in PNG including the Mt Penck epithermal gold exploration project and the flagship Tolukuma Gold Mine.
TEM’s investment in Tolu is one of several public and private initial positions in the 2022 pre-IPO capital raising in Tolu and TEM will remain a notable shareholder of Tolu after the IPO.
