Artemis Resources Limited (ASX:ARV) announced that it has received binding commitments from institutional and sophisticated investors to raise gross proceeds of A$7.0m by way of a share placement at 6 cents per share (A$0.06) (“Placement”). Taylor Collison acted as Sole Lead Manager to the Placement.
- $7.0 million institutionally led placement completed at 6c (A$0.06) to underpin growth plans at the Paterson Central and Carlow Castle Gold-Copper Projects.
- Placement demand strongly supported by European and Australian institutional investors.
- Placement completed at no or negligible discount to last trade and 5-day VWAP.
- Company now has >A$10m in cash to be applied to an ~8,000m 2021 diamond drilling campaign at the Paterson Central gold and copper project, adjacent to the Newcrest (NCM:ASX)/Greatland Gold (GGP:AIM) world-class Havieron discovery and development in Western Australia.
- Funds will also be applied to further high-impact exploration drilling at the Carlow Castle Project and surrounding gold and copper targets.
Artemis Executive Director Alastair Clayton commented;
“The Company is delighted with the strong support for the Placement, and we are pleased to welcome a number of prominent new institutions to the Artemis register, and thank our existing shareholders for their continued support in this capital raising.
“With Paterson Central, I cannot think of another gold/copper exploration play in Australia that can provide the amount of potential leverage to success for its shareholders. Artemis’ 100% owned Paterson Central project surrounds on three sides and is interpreted by Company geologists to be regionally along strike from the world-class discovery at Havieron that is now under development by a Newcrest Mining Limited led JV. The discoverer of Havieron and now minority partner, Greatland Gold PLC (40%) has been propelled to a ~A$1.5b market capitalisation on the back of continued drill success.”