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PERTH - Artemis Resources Limited (ASX/AIM:ARV) has completed the second tranche of its recently announced placement, raising a total of $4.9 million before costs, according to a press release issued Wednesday.
The company issued 899 million shares on September 8, representing Tranche Two of the capital raise announced on July 21, along with 4 million shares issued to suppliers in lieu of fees. The first tranche of 330 million shares was issued on July 29.
The funds will be used to finance drilling programs at three priority projects: the Carlow Gold/Copper Project, Titan Gold Targets, and the Cassowary IOCG target.
At Carlow, which contains a mineral resource of 374,000 ounces of gold and 64,000 tonnes of copper, Artemis plans to conduct diamond drilling to test potential extensions to the resource. This includes drilling within a 600-meter gap along strike between the existing resource and a recent intersection of 7 meters at 2.9 g/t gold.
The Titan program will involve RC drilling to test gravity anomalies in areas with high-grade surface gold occurrences, while the Cassowary project will begin with a gravity survey across a more than 5-kilometer wide interpreted intrusion ahead of planned drilling.
Artemis secured the 335-square-kilometer Cassowary tenement on August 11, with four additional applications in progress covering interpreted intrusions and structures in the surrounding area.
Following the admission of the second tranche shares, Artemis will have 3,764,672,164 shares in issue. The company expects the second tranche shares to be admitted to trading on AIM around September 11.
The information in this article is based on a press release statement from Artemis Resources.
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