- Artemis Resources (ARV) has completed a $10 million placement to fund exploration at its Carlow Castle and Paterson Central projects in WA
- The company will issue 100 million shares at 10 cents per share to institutional and sophisticated investors
- The issue price marks a 7-per-cent discount to the five-day volume-weighted average price and a 4-per-cent premium to the last closing price of 9.6 cents
- Artemis Resources will use the money to accelerate resource drilling at the Carlow Castle Project and for a diamond drilling program at Paterson Central
- The placement is expected to settle on May 18 and the new shares are expected to commence trading on the following day
- Artemis’ shares are up 9.38 per cent and are trading at 10.5 cents
Artemis Resources (ARV) has completed an institutional placement to fund exploration work at its Western Australian projects.
The company raised $10 million through the issue of 100 million shares at 10 cents per share to institutional and sophisticated investors.
The issue price represents a 4 per cent premium to the last closing price of 9.6 cents. It also marks a 7 per cent discount to the five-day volume-weighted average price.
“I believe the strength of interest and pricing of the capital raise announced today is a direct reflection of the quality of our Greater Carlow gold-copper-cobalt and Paterson Central gold-copper projects,” Executive Director Alastair Clayton said.
Specifically, Artemis Resources will use the money to conduct an accelerated resource drilling program at the Carlow Castle Project in WA.
The multi-rig resource definition and expansion program aligns with Artemis’ goal of increasing existing gold and copper resources.
Additionally, the funding will go towards diamond drilling at Paterson Central. The company will prioritise targets including the Apollo, Atlas, Juno, Voyager and Enterprise prospects which lie within three kilometres of Newcrest’s (NCM) world-class Havieron discovery.
The placement is expected to settle on May 18 with the new shares expected to commence trading on the following day.
Artemis’ shares are up 9.38 per cent and are trading at 10.5 cents at 10:23 am AEST.