Artemis Resources Limited (ASX:ARV), a gold, copper, and lithium focused resource company with projects in Western Australia’s North Pilbara Gold Province and near Kalgoorlie, has announced it has received firm commitments to raise A$4.75 million through a placement to institutional and sophisticated investors. The placement, priced at $0.004 per share, was oversubscribed, indicating strong support from both new and existing investors in Australia and the United Kingdom.
The issue price represents a 20% discount to the last closing price and a 27% discount to the 15-day Volume Weighted Average Price (VWAP). The capital raising will be conducted in two tranches. The first tranche, comprising approximately 28% of the shares (330 million), will be issued under Listing Rule 7.1. The remaining 72% (857.5 million shares) is subject to shareholder approval at an Extraordinary General Meeting (EGM) scheduled for around August 27, 2025.
Artemis intends to use the funds to advance gold and copper exploration programs at its Carlow, Titan, and Cassowary projects. This includes a substantial drill program of up to 5,000m, encompassing extensional drilling and technical studies at the Carlow Gold and Copper Project, RC drilling at Titan, and exploration at the Cassowary Intrusion. Diamond drilling at Carlow will target potential extensions to the existing mineral resource, while drilling at Titan will target geophysical anomalies with high-grade surface gold occurrences. A gravity survey is planned at the Cassowary Intrusion to target potential IOCG-type copper/gold mineralisation.
The company has stated that this placement strengthens its balance sheet, with treasury exceeding $5 million. CPS Capital and Zeus Capital led the capital raise.
