- Artemis Resources (ARV) launches a $2.55 million capital raise to accelerate exploration at its Western Australian copper and gold projects
- The company says it received “strong support” from private investors and will issue 170 million new shares at 1.5 cents — a six per cent discount to its last closing price
- The company will also issue one free attaching option for every two new shares held at a strike price of 2.5 cents
- The company is currently undergoing a technical and corporate strategic review and told investors it will resume its exploration activities once complete
- Shares in Artemis Resources are down 6.25 per cent to 1.5 cents at 12:42 pm AEDT
Artemis Resources (ARV) has received firm commitments to raise $2.55 million to accelerate exploration at its Western Australian copper and gold projects.
The company reported “strong support” from sophisticated and institutional investors for the raise and now plans to issue 170 million new shares at 1.5 cents per share.
The issue price marks a six per cent discount to ARV’s last trading price and a 23 per cent discount to its 15-day volume weighted average price (VWAP).
The company will also issue one free attaching option for every two new shares held at a strike price of 2.5 cents, expiring three years from their date of issue.
The company is currently undergoing a technical and corporate strategic review and told investors it would resume its exploration activities once this was complete.
The funds raised will then be used to increase the resource at the Carlow gold-copper-cobalt project and test the Juno, Voyager and Enterprise targets at Paterson Central, both of which are in Western Australia.
The company also holds interest in additional tenements in the Pilbara that are currently being reviewed for gold and copper exploration potential.
Shares in Artemis Resources were down 6.25 per cent to 1.5 cents at 12:42 pm AEDT.