Tempest Minerals Ltd (ASX:TEM) has completed tranche-1 of a $1.155 million placement to sophisticated and professional investors raising $744,787, which will support ongoing exploration at the company’s gold and base metal projects in Western Australia.
The allotment of more than 22.569 shares at 3.3 cents per share were issued under TEM’s existing placement capacity within Listing Rule 7.1.
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.
Commitments have already been received to raise a total of $412,500 before costs.
RM Corporate Finance Pty Ltd is acting as lead manager.
Warriedar Gold Project drilling
The company has started a drilling program at its Warriedar West Gold Project targeting intrusion-related gold system (IRGS) mineralisation.
An initial reconnaissance reverse circulation (RC) drilling program of around 2,500 metres will test three areas which contain surface anomalies including 8 g/t gold from rock chip sampling.
The company has received approvals from industry regulator DMIRS for the initial reconnaissance program which will test the silica caps present.