Junior explorer Artemis Resources has received commitments to raise $6.5 million in capital to fast track its planned mining and exploration activities in Western Australia.
Artemis, which was a key player in the flurry of gold conglomerate exploration in the Pilbara last year, announced the ‘bought deal’ commitments in two separate statements this week.
Firstly, Artemis secured firm bought deal commitments from a London-based institution to raise $4.5 million by issuing 22.5 million shares at 20 cents each.
Then yesterday, Artemis announced it received bought deal commitments from clients of Patersons Securities for an additional $2 million on the same terms as the first agreement.
Artemis chairman David Lenigas said the company had received significant interest to increase the size of the capital raise, taking its cash reserves to more than $20 million.
“We have a lot to do over the coming months to prepare for the recommencement of production through our Radio Hill plant and fund the exploration and bulk sampling work on our conglomerate gold plays through 2018, and this new cash to bank will stand the company in a very good and strong position as we move forward,” Lenigas said.
Artemis also secured $6 million in funding for the refurbishment of its 100 per cent-owned Radio Hill copper-nickel-cobalt plant, which is scheduled to restart operations in the second quarter of 2018, last December.
The gold explorer has also formed a joint venture with Canada’s Novo Resources to focus on development of the Karratha gold project, which includes the Purdy’s Reward and Comet Well prospects.