Western Australian minerals explorer Artemis Resources Limited (ASX Code: ARV) has completed a $12 million capital raising.
The raising was undertaken through the issue of 60 million Artemis ordinary shares at A$0.20 per share.
Affiliates and clients of Sprott Capital Partners in Canada collectively subscribed for A$4 million of the capital raise with $3 million coming from Global Investment Strategy UK Ltd and the balance coming from a number of other institutional and professional investors from the USA, Netherlands and Australia.
These funds will be utilised to support the company’s exploration work in a 50/50 JV with Novo Resources which is searching for conglomerate and/or paleo placer gold at Purdy’s Reward and other targets within the mutual JV ground in the Karratha region in northern Western Australia.
The successful capital raising comes at a time when Artemis has been enjoying strong drilling success in the Karratha region including some encouraging gold finds at Silica Hills.
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The company recently reported that current work at Silica Hills has exposed a quartz vein system style gold deposit within a silicified intrusive environment. A number of gold specimens have also been recovered via metal detecting.
Artemis owns the fully permitted 425,000tpa Radio Hill nickel and copper operations and processing plant located 25 km south of Karratha. JORC 2004 compliant resources of Gold, Nickel, Copper PGE’s and Zinc, all situated within a 40 km.