Artemis Resources Ltd (ASX:ARV) (FRA:ATY) has received firm commitments from international and Australian institutions and sophisticated investors to raise $5.9 million at 3.2 cents per share.
On closing, the funds from this capital raise will be used to completely retire the Riverfort Global Capital convertible note of $4.6 million and provide about $1.1 million for key projects in the Telfer and Karratha areas of WA.
Artemis CEO Ed Mead said: “I am extremely pleased that Artemis has comfortably completed this capital raise within its capacity, which enables settlement of its total debt earlier than anticipated.
“The company will now be in a stronger position to progress its key projects in the Telfer and Karratha areas.”
Carlow Castle Gold Project (Karratha area)
The companys recent Sub-Audio Magnetics (SAM) survey at Carlow Castle Gold Project in the Karratha area of WA has indicated geological structures for additional gold-copper-cobalt that may extend to the west of the resource area.
The SAM survey has identified a total of 21 targets producing three datasets: magnetics (TMI), magneto-metric conductivity (MMC) and total-field electromagnetics (TFEM).
These new targets have a strike of 5 kilometres and the top four targets are just 400 metres west of the current resource.
Armada Project (Telfer area)
The companys Program of Work (PoW) for ground-disturbing activities, including drilling, at its Armada Project in Telfer, WA was recently approved.
This approval by the Western Australian Department of Mines Industry Regulation and Safety (DRead More – Source
