The open spaces and deep resources of Western Australia’s vast Pilbara region may be a big distance from the European financial centre of London and its surrounds, but it could be argued it is closer to the consciousness of the retail investors of Europe following the massive gold discovery at Havieron by Greatland Gold.
ASX-listed Artemis Resources (ASX: ARV), which has been actively drilling and progressing its Greater Carlow and Paterson gold-copper projects in the Pilbara, has experienced this first hand with particular interest being generated by its Paterson project which lies adjacent to Havieron.
Artemis has announced its intention to list on the Alternative Investment Market (AIM), the London Stock Exchange index specialising in small to medium growth companies. It will retain its ASX listing and operate with the dual listing.
It has successfully completed £5 million raising at 3.75 pence per share – the equivalent of AUD$9.5 million at 7.1 cents. That price is basically the same as Artemis’ most recent close on the ASX. Artemis will commence trading on the AIM on 7 February.
In other news:
- Buru Energy provides operations update
- BMG reports assays confirm very high gold grades – including 1M over 100g/t Au – at Abercromby
- Lykos provides December quarterly activities report
- Hastings provides December quarterly activities report
- St George provides December quarterly report
Artemis executive director Alastair Clayton said the AIM listing was originally investigated simply because of the amount of interest the company was getting from investors and brokers in London. Approximately 35% of its existing shareholder base already originated from Europe.
“That we have successfully raised the maximum amount approved by the Board at zero discount to the last traded price in Australia, I believe, is testimony to the opportunity and value proposition presented by our Paterson Central and Greater Carlow/Radio Hill gold-copper projects in Western Australia,” Mr Clayton said.
“The Company is now well funded to execute its extensive drill programmes and we expect to have further updates regarding these plans very soon.”
Artemis is embarking on two drilling programs at Paterson and Carlow this quarter and is waiting for assay results from diamond drilling at Paterson late last year.
The results from that drilling as well as the pending drilling at Paterson and Carlow will now be even more keenly anticipated.
“It is an historical quirk that the discovery of what I believe to be one of the most important Australian gold-copper discoveries of the last 25 years at Havieron was made by an AIM listed UK explorer,” Mr Clayton said.
“As such, the enormous stock market interest in this fantastic discovery has been largely played out on the London Stock Exchange.
“By dual listing on AIM we seek to tap into this pool of shareholder interest an understanding to complement our primary ASX listing.
“We have received a fantastic response to our capital raise and proposed AIM-listing and have closed the book earlier than originally anticipated. From our discussions with new and existing shareholders it is clear that our strategy to provide UK and European investors a more direct route to owning our shares has been the right one.”