- Artemis Resources (ARV) has entered a trading halt regarding a capital raise and proposed dual listing on the London Stock Exchange’s sub-market AIM
- While it isn’t certain how much Artemis is raising or how it will spend the money, it ended the December quarter with $2.56 million in cash and just one quarter of available funding
- Artemis also plans to recommence drilling at the Paterson Central project mid-way through the current quarter, but it’s unclear if the capital raise will support this
- Company shares last traded at 7 cents on Friday, January 21 and Artemis expects to come out of the trading halt by Thursday, January 27
Artemis Resources (ARV) has entered a trading halt regarding a capital raise and proposed dual AIM listing.
In its quarterly report announced today, the company stated having $2.56 million in cash at the end of 2021 with just one quarter left of available funding and highlighted its plans to boost its cash position with a capital raise.
The Alternative Investment Market is a sub-market of the London Stock Exchange and, as stated in its recent investor presentation, the company believes it has the ability to repeat the stock market success of Greatland Gold (AIM:GGP) as it further explores the Paterson Central gold-copper project.
The Paterson Central Gold-Copper Project is located in Western Australia and sits adjacent to the potentially world class Havieron gold-copper discovery made by Greatland Gold and is now being advanced by Newcrest Mining (NCM).
In the final quarter of 2021, Artemis completed phase one drilling at Paterson Central which it believes intersected gold-copper mineralisation but will need to receive results before this is confirmed. Assays are expected in March.
Importantly, the company is also preparing to conduct drilling mid-way through the current quarter to follow up on encouraging geology encountered in a previous hole, to complete a hole at Apollo 4 and drill the main gravity anomaly centre beneath the Apollo 2 pad.
It’s unclear whether or not the upcoming capital raise will support planned exploration.
Company shares last traded at 7 cents on Friday, January 21 and Artemis expects to come out of the trading halt by Thursday, January 27.