- Artemis Resources (ARV) has begun the week in a trading halt while it inks the details of an upcoming capital raising
- The company will remain in the halt until May 12 or when more details regarding the raise are released, whichever occurs first
- In late April, Artemis began a drilling program at the Munni Munni Project in Western Australia
- Around 2500 metres of reverse circulation drilling will be carried out to help define a JORC-compliant mineral resource
- Shares in Artemis last traded at 9.6 cents on May 7
Artemis Resources (ARV) has begun the week in a trading halt while it inks the details of an upcoming capital raising.
The company will remain in the halt until May 12 or when more details regarding the raise are released, whichever occurs first.
Artemis is yet to disclose how much it intends to raise or what it will do with the funds once received.
In late April, Artemis began a drilling program at the Munni Munni Project near Karratha in Western Australia.
Around 2500 metres of reverse circulation (RC) drilling will be carried out to help define a JORC-compliant mineral resource.
The drilling will infill the current RC drill spacing which will help demonstrate the continuity of grades of the resource.
Taking a look at its financials, Artemis burnt through around $653,000 over the March quarter, with the majority of its capital going towards administration and corporate costs.
The company also used just over $3 million in investing activities with more than $2.7 million going towards exploration and evaluation.
As of March 31, the company had nearly $4.2 million in total available funding, representing 1.23 quarters of use if spending levels remain the same.
Despite this, the company stated it is considering financing to fund exploration over the next 12 months.
Shares in Artemis last traded at 9.6 cents on May 7. The company has a $109.1 million market cap.