Tempest Minerals Ltd (ASX:TEM) has received firm commitments totalling $1,155,000 for a placement of 35 million shares at an issue price of 3.3 cents each to sophisticated investors of RM Corporate Finance, the lead manager to the placement.
Funds will be used to accelerate Tempest’s exploration programs on its Western Australian gold and base metal projects and for general working capital.
The offer was strongly supported by sophisticated and institutional investors.
Placement in two tranches
The placement will be completed in two tranches:
- Tranche 1: Tranche 1 will comprise an issue of 22.5 million shares to raise a total of $742,500 before costs. Allotment of Tranche 1 is expected to occur on Friday, November 20, 2020.
- Tranche 2: Tempest anticipates that Tranche 2 will be able to proceed shortly after the AGM on November 30 2020, where it is expected that the placement capacity under Listing Rule 7.1 and 7.1A will be refreshed sufficiently to enable the issue of 12.5 million shares for which commitments have been received to raise a total of $412,500 before costs.