10 May 2024
Artemis
Resources Limited
("Artemis" or the "Company")
Artemis
Receives Firm Commitments to Raise A$2.87 million
Artemis (ASX/AIM: ARV, FRA: ATY, US:
ARTTF) is pleased to announce that it has received firm commitments
for a capital raising of A$2.87
million ("Placing"). The Placing received strong
support from sophisticated and institutional investors.
Highlights
·
The Company has received
firm commitments to raise approximately A$2.87 million at $0.01275
per share from institutional and sophisticated
investors
·
The offer was significantly
oversubscribed and well supported by existing
shareholders
·
One free attaching warrant
to be issued for every two new shares, with exercise price $0.025
and expiry date 9 March 2026
·
The issue price of $0.01275
represents a 29% discount to the 20 day VWAP
·
Exploration focus is on
lithium and gold across the tenement portfolio
Placing
The Placing received strong support
from sophisticated and institutional investors.
Artemis will issue 225,686,275 new
shares at $0.01275 per share ("Placing
Shares"). The issue price is a 29% discount to the 20 day
Volume Weighted Average Price (VWAP). The Placing Shares will be
issued in two tranches; 32% in the first tranche and the remaining
68% following the creation of additional capacity at a general
meeting of the Company, to be held at a date to be
confirmed by the Company in due course (the "General Meeting").
The Company will also issue one free attaching
warrant for every two Placing Shares (in total 112,843,137
warrants), with an exercise price of $0.025 and expiry date of 9
March 2026. The warrants have terms equal to the class of warrants
already listed on the ASX, as announced on 8 April 2024,
and the Company will make application to the ASX for the
warrants be listed under the code ARVOC .
Use
of Proceeds
Artemis will utilise this additional funding to
undertake further exploration programs as per the
following;
Lithium - conduct additional ground
reconnaissance to define lithium mineralised areas and to build
upon the known pegmatites recognised to date. The Company will also
seek to complete heritage clearances, particularly around the Mt
Marie lithium prospect, in order to undertake maiden drilling on
the 100% Artemis tenure.
Gold - secure heritage clearances at Lulu Creek
which is a priority target to conduct drilling which is anticipated
to occur around July/August 2024 (subject to heritage clearances)
and to better define and prioritise additional targets and
undertake a potential combination of IP surveys, EM surveys, ground
reconnaissance and drilling where appropriate once targets have
been refined.
Funds raised will also go towards continuing
work in conjunction with Greentech Metals Ltd at the Osborne JV
(GreenTech 51% Artemis 49%).
Funding
Following this capital raise Artemis will have,
in addition to the $2.87 million raised, before costs, c.278.7
million warrants in issue with an exercise price of $0.025, which
if exercised would raise a further c.$7 million.
Artemis' investment in Greentech Metals Limited
(ASX:GRE) has a value of $1.3 million as at today's
date.
Admission
The Placing will be conducted in two tranches,
with the first tranche of 73,000,000 Placing Shares
(the "First Tranche Placing
Shares") being issued and allotted under Artemis' existing
shareholder authorities and the second tranche of 152,686,275
Placing Shares (the "Second
Tranche Placing Shares") being issued and allotted subject
to the necessary resolutions being duly passed at the General
Meeting .
Application has been made to the London Stock
Exchange for the admission of the First Tranche Placing Shares to
trading on AIM. It is anticipated that admission of the First
Tranche Placing Shares will take place on or around 8.00 a.m. on 15
May 2024. Application will be made to the London Stock
Exchange for the admission of the Second Tranche Placing Shares to
trading on AIM following the General Meeting.
Following admission of the Placing Shares, the
Company will have 1,916,882,424 Ordinary Shares in issue. The
Placing Shares will represent approximately 11.8 per cent. of the
Company's enlarged share capital, and will rank pari passu in all respects with
the Company's existing ordinary shares.
Executive
Director George Ventouras commented:
"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.
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."
For
further information on the Company, please visit
www.artemisresources.com.au
or
contact:
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Artemis Resources Ltd
|
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|
Guy Robertson, Chairman
George Ventouras, Executive
Director
|
info@artemisresources.com.au
|
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WH
Ireland Limited (Nomad & Broker)
|
|
|
Antonio Bossi / James Bavister /
Isaac Hooper
|
Tel: +44 20 7220
1666
|
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|
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About Artemis Resources
Artemis Resources (ASX/AIM: ARV;
FRA: ATY; US: ARTTF) Artemis Resources Limited is a gold, copper
and lithium focused resources company with three major projects in
Western Australia; the Greater Carlow Castle gold-copper-cobalt
project in the West Pilbara; the Paterson Central project in the
Paterson Province (located adjacent to Greatland Gold / Newcrest's
recent gold-copper discovery at Havieron; and the Osborne JV
(Artemis 49%; GreenTech Metals (ASX:GRE) 51%) in the West
Pilbara.
Artemis also owns the Radio Hill
processing plant, the only processing plant in the West Pilbara
region, 35km from Karratha.
For more information, please
visit www.artemisresources.com.au
This announcement contains inside information
for the purposes of Article 7 of the UK version of Regulation (EU)
No 596/2014 which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public
domain.
