Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has secured firm commitments to raise around A$2.87 million through the issuance of shares at a price of $0.01275 each. There was substantial interest from institutional and sophisticated investors, leading to it being significantly oversubscribed.
Artemis plans to use the raised funds to further its exploration activities, focusing on fieldwork, surveys and target generation at Lulu Creek, the Mt Marie lithium Project and its Osborne JV.
“It is pleasing to have received this level of support from shareholders. With the gold prospects that have been identified and the further prospectivity of the greater tenement area, we are looking forward to additional field work in conjunction with relevant surveys to prioritise these targets and to work towards drilling, particularly at Lulu Creek,” ARV executive director George Ventouras said.
“This, together with the exciting Mt Marie lithium project where further rock chip samples again returned high assay results, places Artemis in an enviable position with two exploration pathways for in-demand commodities.
“We are also looking forward to further work on the Osborne JV with our partner Greentech Metals.”
Artemis ramps up exploration: lithium and gold in focus
Artemis will use the A$2.87 million to enhance its exploration programs, focusing on lithium and gold.
For lithium, the company plans to expand ground reconnaissance to better define areas mineralised with lithium and further investigate the pegmatites identified so far.
Specific efforts will include completing heritage clearances, especially around the Mt Marie lithium prospect, to facilitate maiden drilling on its wholly-owned tenure.
As for gold exploration, Artemis aims to obtain heritage clearances at Lulu Creek, a priority target.
Drilling at this location is anticipated to occur around July/August 2024, contingent upon securing the necessary clearances. The company also plans to refine and prioritise additional targets through a combination of induced polarisation (IP) surveys, electromagnetic (EM) surveys, ground reconnaissance, and drilling as deemed appropriate.
Additionally, funds will support ongoing collaborative efforts with Greentech Metals Ltd at the Osborne Joint Venture (JV), where Greentech holds a 51% interest and Artemis holds 49%.
Artemis to issue over 225 million shares in two tranches
Artemis plans to issue 225,686,275 new shares at a price of $0.01275 per share, which represents a 27% discount to the 15-day volume-weighted average price (VWAP).
The shares will be issued in two tranches: some 73 million shares (32%) will be issued in the first tranche, with the remaining 68% (152,686,275 shares) to be issued following shareholder approval at an Extraordinary General Meeting (EGM), the date of which will be announced later.
Additionally, Artemis will issue one free attaching option for every two new shares, making a total of 112,843,137 options, subject to shareholder approval at the EGM.
These options, priced at $0.025 each and expiring on March 9, 2026, will have terms similar to an existing class of options and the company intends to apply for these options to be listed on the ASX under the code ARVOC.