Tempest Minerals (ASX:TEM) has entered a binding agreement with Cambrian, an international natural resources investor, to raise $1 million through a private placement. Cambrian will invest $250,000 directly and assist in securing the remaining funds. Neil Herbert, Executive Chairman of Atlantic Lithium (ASX:AIM), is associated with Cambrian. The capital raised will primarily support ongoing exploration across Tempest’s Western Australian projects, with a focus on advancing the Remorse Project, located east of the Yalgoo Project. Chairman Brian Moller expressed enthusiasm for Cambrian’s investment, highlighting their belief in Tempest’s near-term development potential at Remorse and its exploration portfolio.
The Remorse target exhibits a core of copper-zinc mineralization, along with northeast-trending nickel and rare earth zones, suggesting a complex mineral system. The private placement involves issuing shares at $0.005 per share across two tranches. Cambrian will also receive options to acquire additional shares, equivalent to 5% of the total new shares issued, exercisable at a 100% premium over the issue price, expiring 24 months from the issue date. Tempest Minerals is currently focused on progressing studies and preparing for further drilling at Remorse, with a general meeting planned to seek shareholder approval for the placement’s second tranche.
