Tempest Minerals Ltd (ASX:TEM) (FRA:LIF) has completed tranche-2 of a placement that raised a total of $1.155 million to accelerate the company’s gold and base-metal exploration programs in Western Australia.
The second tranche included the allotment of more than 12.444 million shares at 3.3 cents per share to sophisticated, professional and other exempt investors for funds of $410,656.
These shares were issued under Tempest’s existing placement capacity under Listing Rule 7.1A.
RM Corporate Finance Pty Ltd acted as lead manager to the placement.
Warriedar West RC drilling
Tempest has received approvals from industry regulator (DMIRS) for an initial reconnaissance program, which includes reverse circulation drilling of around 2,500 metres at the Warriedar West Gold Project in WA.
The program will test three areas which contain surface anomalies including 8 g/t gold from rock chip sampling and will also test the extent of quartz veining and gold mineralisation at depth for the three highly altered targets in the northern portion of the project – Wee Lode, OK Corral and Donut.