TIDMARV
RNS Number : 7660S
Artemis Resources Limited
08 November 2023
8 November 2023
Artemis Resources Limited
("Artemis" or the "Company")
Artemis Receives Firm Commitments to Raise A$2.0 million
The Directors of Artemis (ASX/AIM: ARV, FRA: ATY, US: ARTTF) are
pleased to advise shareholders that it has received firm
commitments for a capital raising of A$2.03 million
("Placing").
Highlights
-- The Company has received firm commitments to raise
approximately A$2.0 million at $0.018 per share from institutional
and sophisticated investors
-- The offer was significantly oversubscribed and well supported
by existing shareholders
-- One free attaching option to be issued for every two new
shares, with exercise price $0.025 and expiry date 9 March 2026
-- The issue price of $0.018 represents a 20% discount to the 15
day VWAP
-- Exploration focus is on lithium and gold at Lulu
Creek.[1]
Placing
The Placing received strong support from sophisticated and
institutional investors.
Artemis will issue 112,777,778 new shares at $0.018 per share.
The issue price is a 20% discount to the 15 day Volume Weighted
Average Price (VWAP). Shares will be issued in two tranches; 50% in
the first tranche and the remaining 50% following the creation of
additional capacity at the Company's annual general meeting which
is proposed to be held at 11am WST at 1202 Hay Street West Perth on
29 November 2023 (the "AGM").
The Company will also issue one free attaching option for every
two new shares (in total 56,388,889 options), with an exercise
price of $0.025 and expiry date of 9 March 2026. The options have
terms equal to an existing class in issue and with more than 50
option holders the Company will make application to the ASX for
listing. The options will be issued following the AGM on 29
November 2023.
Use of Proceeds
Funds raised will go towards executing the following
programs:
Lithium Osborne Joint Venture (GreenTech 51% Artemis 49%)
-- Diamond drilling to test stratigraphy and geological structure. [2]
Lithium Artemis 100% ground
-- Ongoing field work, mapping and sampling, target identification.
Gold - Lulu Creek Drilling and Greater Carlow
-- IP survey has identified three chargeability anomalies.
Further modelling, interpretation and heritage survey prior to
targeted drilling.
-- Greater Carlow target analysis to increase the overall
resource base, and expand the current Inferred Mineral Resource at
Carlow Castle beyond 704 koz Au Eq.
Corporate
-- Paterson - review of potential JV partners.
-- Radio Hill - analysis to optimise value.
-- General working capital.
Funding
Following this capital raise Artemis will have, in addition to
the $2 million raised, before costs, c.160 million options in issue
with an exercise price of $0.025, which if exercised would raise a
further $4 million.
Artemis investment in Greentech Metals Limited (ASX:GRE) has a
value of $4.3 million as at today's date.
Admission
The Placing will be conducted in two tranches, with the first
tranche of 56,388,889 Placing Shares (the "First Tranche Placing
Shares") being issued and allotted under Artemis' existing
shareholder authorities and the second tranche of 56,388,889
Placing Shares (the "Second Tranche Placing Shares") being issued
and allotted subject to the necessary resolutions being duly passed
at the AGM
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 14 November2023.
Application will be made to the London Stock Exchange for the
admission of the Second Tranche Placing Shares to trading on AIM
and admission is expected to take place on or around 8.00 a.m. on
30 November 2023.
Following admission of the Placing Shares, the Company will have
1,690,196,149 Ordinary Shares in issue. The Placing Shares will
represent approximately 6.7 per cent. of the Company's enlarged
share capital, and will rank pari passu in all respects with the
Company's existing ordinary shares.
For further information on the Company, please visit
www.artemisresources.com.au or contact:
Artemis Resources Ltd
Guy Robertson, Chairman
WH Ireland Limited (Nomad
& Broker)
Antonio Bossi / James Bavister Tel: +44 20 7220
/ Isaac Hooper 1666
About Artemis Resources
Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a
Perth-based exploration and development company with projects in
the Pilbara region of Western Australia with a focus on battery and
precious metals.
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.
[1] ASX Announcement, Corporate Presentation 6 November 2023
[2] ASX Announcement, Greentech Metals, 6 November 2023
(2) ASX Announcement, Greentech Metals, 1 September 2023
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END
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