Entitlement Issue to underpin next phase of exploration in Western Australia

Tempest Minerals Limited (ASX: TEM) (“Tempest” or the “Company”) is pleased to announce that it will undertake a non-underwritten non renounceable 1-for-5 pro-rata Entitlement Offer (Offer) of shares (New Shares) to raise up to $0.83 million to progress the next phase of exploration at its exploration projects in Western Australia.

Key Points

• Pro-rata 1-for-5 non-renounceable Entitlement Offer priced at $0.008 per share to raise gross proceeds of $0.83 million.
• Offer price represents a 20% discount to the 10-day VWAP price of $0.01.
• Tempest to conduct RC drilling at the Remorse copper target where TEM has a compelling copper-zinc geochemical anomaly coincident with a geophysical (electromagnetic) anomaly and RC drilling at the Sanity gold target which sits several kilometres to the south of the Remorse target.

Entitlement Offer

The Offer is available to all shareholders with registered addresses in Australia and New Zealand and provides the opportunity to subscribe for 1 New Share for every 5 shares held at an offer price of $0.008 per New Share. The proceeds from the Offer (assuming it is fully subscribed) is proposed to be allocated in the following manner:

However, in the event that circumstances change, or other better opportunities arise the Directors reserve the right to vary the proposed uses to maximise the benefit to Shareholders.

Additional Entitlement Offer details

New Shares issued under the Offer will rank equally with existing shares on issue and the Company will apply for official quotation of the New Shares. Option-holders are not entitled to participate in the Offer without first exercising their options to be registered as a shareholder (in Australia and New Zealand) on the Record Date, in accordance with the terms and conditions of the options.

The Company will welcome applications for shareholders to apply for New Shares in addition to shareholders’ existing entitlements and will retain the right to place the Shortfall on the same terms in the three months following the completion of the Offer.

The proposed timetable for the Offer is as follows:

The Board of the Company has authorised the release of this announcement to the market.

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