Artemis Resources (ASX: ARV) today announced that, further to its announcement on the RNS of the London Stock Exchange of 7.00 a.m. (London time) on 24 January 2022, it has successfully completed and closed the Placing and a direct subscription of Ordinary Shares by certain shareholders.
The fundraising has raised, in aggregate, gross proceeds of £5 million (~A$9.5m) through the placing of 133,333,333 Placing Shares and Subscription Shares to certain institutional and other investors at a price of 3.75 pence (~7.1 cents) per share. The net proceeds of the Fundraising will be primarily applied for the development of the Group’s Paterson Central and Greater Carlow projects, as further detailed in the Placing Announcement.
- The Company has received firm commitments to raise £5.0m (~A$9.5m) at 3.75 pence (~7.1 cents) per share from institutional and sophisticated investors to gain a dual listing on the AIM in London
- The issue price of 3.75 pence (~7.1 cents) represents zero discount to the last traded ASX price on 21 January
- Artemis treasury will have approximately A$12.5m in cash and liquid stocks to fund its soon to re-start drill programmes at Paterson Central and Greater Carlow. This figure does not include stakes in GreenTech Metals(ASX: GRE) or the proposed Munni Munni divestment to Alien Metals (AIM: UFO)*
- Artemis will retain its primary listing on the ASX with the dual listed structure designed to give UK and European investors an efficient AIM platform to buy Artemis stock
- First day of dealing in London will be February 7 and the Company’s shares will trade under the ticker AIM:ARV
- The Company believes the deep understanding of the Havieron gold-copper deposit in the UK, itself discovered by an AIM-listed company in 2018, will be of significant advantage as it progresses the drilling of its nearby Apollo, Atlas, Juno, Voyager and Enterprise targets in 2022
- Further updates on drilling re-starts at Paterson Central and Greater Carlow are expected in the coming weeks
Artemis’ Executive Director Alastair Clayton commented – “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. As such, the enormous stock market interest in this fantastic discovery has been largely played out on the London Stock Exchange. With a 30% interest in the Havieron JV with Newcrest Mining Limited, Greatland Gold PLC are currently valued at ~A$1B.
“By dual listing on AIM we seek to tap into this pool of shareholder interest and understanding to complement our primary ASX listing.
“It is therefore no surprise to me that 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 AIM dual list strategy has been the right one.
“That we have successfully raised the maximum amount approved by the Board at zero discount to the last traded price in Australia is, I believe, testimony to the opportunity and value proposition presented by our Paterson Central and Greater Carlow/Radio Hill gold – copper projects in Western Australia.
“The Company is now well funded to execute its extensive drill programmes and we expect to have further updates regarding these plans very soon. We look forward to our first day of trade in London on the 7th of February.”