PERTH (miningweekly.com) – Junior Artemis Resources will raise A$5.6-million in a share placement to institutional investors and existing shareholders to fund exploration in Western Australia.
The company on Friday announced its intention to issue 80-million shares at a price of 7c each, representing a 12.5% discount to its last trading price.
“We are pleased and greatly encouraged by the level of support Artemis has received with respect to the capital raise,” said nonexecutive chairperson Mark Potter.
“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.”
Potter said that the new funds would allow the company 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,” he said.
Funds will also be used for follow-up exploration at Carlow Castle to increase the gold and copper resource, as well as additional regional exploration and general working capital.