Tempest Minerals Ltd (ASX:TEM) has taken proceeds from a non-renounceable pro-rata entitlement offer to $830,602 after completing the placement of a shortfall.
The rights issue was made on the basis of one new share for every five fully paid ordinary shares held at an issue price of $0.008 per new share.
READ: Tempest Minerals to progress WA exploration on completing entitlement offer
There have been 79,573,471 shares issued in the shortfall raising a further $636,587 and boosting total funds raised from the rights issue to $830,602.
Under the terms of the offer, the company's directors allocated the shortfall at their discretion to various parties who previously expressed potential interest in taking up the shortfall.
Tempest welcomes the new shareholders and says it is excited to further progress exploration at its Western Australian projects, including upcoming drilling at the Remorse Target, which is expected to begin imminently.
READ: Tempest Minerals poised to begin drilling Remorse copper-zinc target at Yalgoo Project