8th Nov 2023 11:29
(Alliance News) - Artemis Resources Ltd on Wednesday said it has received firm commitments to raise extra capital through a substantial share placing.
Artemis Resources shares soared by 22% to 1.52 pence in London on Wednesday.
The gold and copper-focused exploration company said it intends to raise approximately AUD2.0 million, or around GBP1.0 million, from institutional and significant investors, following a "significantly oversubscribed" offer "well supported" by its shareholders.
Artemis Resources, which owns projects in Western Australia, will issue 112.8 million shares at AUD0.018 each in two equal-sized tranches. It said it will also issue 56.4 million free attaching options, one for every two new shares.
Artemis said the funds will support diamond drilling at its 49% owned Osborne lithium joint venture, and various testing programmes at the Lulu Creek and Greater Carlow gold projects, as well as for general working capital and other corporate purposes.
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Artemis Res