West Australian gold explorer Artemis Resources (ASX: ARV) has received firm commitments to raise $5.6m in a heavily oversubscribed placement that will fund diamond drilling at the company’s Paterson Central and Carlow Castle projects in the Pilbara.
Firm commitments received to raise A$5.6m in a placement that was well oversubscribed.
Strong participation in the placement from new institutional investors from Australia and the UK, and existing shareholders.
Funding to be applied to diamond drilling in August 2020 at the Patersons Central gold project adjacent to Newcrest (NCM:ASX)/Greatland Gold (GGP:AIM) Havieron discovery in Western Australia.
Funds will also be used for a follow-up exploration drilling campaign at Carlow Castle to increase the gold and copper resources (current Inferred JORC 2012 resource 418,000 oz Gold 48Kt tonnes Copper, 7Kt Cobalt as released to ASX 20 November 20191 ) as well as additional regional exploration and general working capital.
Artemis’s Non-Executive Chairman Mark Potter commented:
“We are pleased and greatly encouraged by the level of support Artemis has received with respect to the capital raise we announce today.
“The capital raising received a substantial number of bids representing significantly more than the Company was seeking. We welcome several outstanding new institutional investors to the register, and thank existing shareholders for their continuing strong support in this capital raise.
“These new funds allow us to pursue expanded exploration activities across the portfolio. At Paterson Central we have an exceptional exploration opportunity in one of the world’s most exciting new gold-copper frontiers, adjacent to and surrounding on three sides, the Havieron gold and copper discovery being drilled by Newcrest and Greatland Gold.
“As per our previous guidance we will soon be releasing details of our recent geological and geophysical interpretation of Paterson Central, and our final drill design plan. Drilling at Paterson Central is expected to commence in August.
“At the Greater Carlow Project we continue to progress our exploration plans and will provide further details of our next drilling campaign in the near future.”