Tempest Minerals (ASX:TEM) has engaged Cygnet Capital to manage a $1.47 million entitlement offer, focusing on funding exploration and development initiatives. The proceeds will primarily support exploration activities at the Yalgoo project, iron development efforts, and cover other project-related expenses, including gold exploration. The offer includes a non-renounceable rights issue, granting one new share for every two shares held at $0.004 per share. Furthermore, investors will receive free-attaching options exercisable at $0.010 until May 31, 2027, issued at a rate of one option for every four new shares.
The entitlement offer will create a maximum of nearly 367.265 million new shares and over 91.816 million new options. Eligible shareholders can apply for additional shares under a shortfall facility if they take up all their rights. Upon completion and subject to shareholder approval, Tempest will issue Cygnet Capital more than 28 million options, equivalent to 6% of the new shares issued, with an exercise price of $0.010 and an expiry date of May 31, 2027. Tempest Minerals aims to leverage its data-driven processes to identify and explore underexplored areas, following successes such as the Remorse magnetite deposit discovery in 2024.
