PERTH - Artemis Resources Limited (ASX/AIM:ARV) has announced the successful securing of A$4 million in funding through a share placement to institutional and sophisticated investors. The capital raise is intended to finance extensive drilling activities at the company's Karratha Gold Project in Western Australia, with operations set to commence in late January 2025.
The placement, which saw strong support from both current shareholders and new investors, will involve the issuance of 571,428,571 new shares at a price of A$0.007 each. This represents a 27.6% discount to the 15-day Volume Weighted Average Price (VWAP). The new shares will be issued in two tranches, with the first tranche raising A$2,009,000 and the second contingent on shareholder approval at an upcoming Extraordinary General Meeting.
Funds from the placement will primarily support drilling to explore for high-grade mineralization at various prospects within the Karratha Gold Project. These include Carlow, Marillion, Lulu Creek, Titan, Europa, and Thorpe. The company also plans to issue approximately 67.3 million broker options with an exercise price of A$0.015 and a two-year expiry to raise additional funds for exploration.
The first tranche of shares is expected to be admitted to trading on the London Stock Exchange (LON:LSEG)'s AIM market around December 20, 2024. Following the admission of all shares from the placement, Artemis will have an enlarged share capital, with the new shares accounting for approximately 5.88% of the total.
Artemis Resources, with a diversified portfolio including the Carlow Castle gold/copper project and the Karratha Lithium Project, is focused on capitalizing on its extensive tenement package in the West Pilbara region. The company's strategy is to methodically explore these areas to identify all potential gold zones.
This announcement, based on a press release statement, indicates Artemis Resources' commitment to advancing its exploration and development efforts in the resource-rich region of Western Australia.
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