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PERTH - Artemis Resources Limited (ASX/AIM:ARV) has secured firm commitments to raise A$4.75 million through a share placement to institutional and sophisticated investors, according to a company statement released Monday.
The mining exploration firm will issue approximately 1.19 billion new shares at A$0.004 per share, representing a 20% discount to the last closing price and a 27% discount to the 15-day volume weighted average price.
The capital raising, which was oversubscribed, will be conducted in two tranches. The first tranche of 330 million shares will be issued under existing shareholder authorities, while the second tranche of 857 million shares will require shareholder approval at an upcoming Extraordinary General Meeting.
Artemis plans to use the funds to advance gold exploration programs at several projects in Western Australia. This includes diamond drilling at the Carlow Gold and Copper Project to test potential extensions to the existing mineral resource, which contains 374,000 ounces of gold and 64,000 tonnes of copper.
The company will also conduct reverse circulation drilling at the Titan project to test gravity anomalies in areas with high-grade surface gold occurrences, and plans exploration work at the Cassowary Intrusion, which it describes as a potential target for IOCG-type copper/gold mineralization.
The company’s board of directors has agreed to invest A$110,000 in the placement, subject to shareholder approval.
Following the placement, Artemis expects to have over A$5 million in its treasury. The capital raise was led by CPS Capital in Australia and Zeus Capital in the UK.
Trading of Artemis shares on the Australian Securities Exchange has resumed following a trading halt announced on July 17.
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