REG - Artemis Resources Ld - $2.55m Placing to Fund 2023 Exploration Activities

Artemis ResourcesAnnouncement

01/03/2023 07:00

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RNS Number : 4749R  Artemis Resources Limited  01 March 2023

 

Artemis Resources Limited

 

("Artemis" or the "Company")

 

(ASX/AIM: ARV, FRA: ATY, US: ARTTF)

 

A$2.55m Placing to Fund 2023 Exploration Activities

The Directors of Artemis Resources Limited (ASX/AIM: ARV, FRA: ATY, US: ARTTF)
are pleased to announce that it has received firm commitments for a capital
raise of A$2.55 million through a placing (the Placing) of 170,000,000 fully
paid ordinary shares (Shares) at A$0.015 per Share.

 

Highlights

 

·    Firm commitments received for a Placement of 170,000,000 million
shares at A$0.015 per share to raise A$2.55 million (before costs)

·    One free attaching option to be issued for every two new shares, with
exercise price A$0.025 and expiry date 3 years from date of issue

·    The issue price of A$0.015 represents a 6% discount to the last
traded ASX price on 24 February 2023 and a 23% discount to the 15 day VWAP

·     Exploration activities across the Company's projects are expected
to re-commence after strategic review

·     The trading halt on the ASX has now been lifted

 

Strategic review

 

The Company is currently undergoing a technical and a corporate strategic
review, and exploration activities will resume once completed.

 

Carlow Project

-     Potential to increase resource remains open in multiple directions

-     Additional regional potential at Marillion, Europa, Titan and Carlow
North (see ASX releases High Priority Exploration Targets - 14 November 2022
and Quarterly Activities Report - 29 January 2023)

Paterson Central

-     Strategic location surrounding and adjacent to world class Havieron
gold copper discovery >10m oz eq.

-     Best targets at Juno, Voyager, Vidian and Enterprise yet to be drill
tested

 

Other Gold and Copper Exploration Targets

 

-     Artemis holds interests in additional tenements in the Pilbara which
are currently being reviewed for gold and copper exploration potential.

 

Radio Hill Ni-Cu Plant¹

 

-     Fully permitted site, including tailings storage facilities.

-     On-going review and discussions with interested parties regarding
utilisation of the plant

 

¹The Greater Carlow resource does not at present support the value in use
model underlying the carrying value of the Fox Radio Hill Processing Plant
(approximately A$27.5 million at 31 December 2022 which includes a
rehabilitation provision of A$5.2 million). As a consequence, the Company is
required under accounting standards to reflect this asset at recoverable
value. The Company is currently working with suitably qualified valuers to
undertake a thorough assessment and valuation of the plant in the coming
months. For the purposes of the Interim Financial Report for the half year
ended 31 December 2022, which will be lodged prior to 15 March 2023,
management have determined that a best estimate of recoverable value is A$15
million, and have accordingly booked an impairment provision of approximately
A$12.5 million.

 

Placing

 

The Placing received strong support from sophisticated and institutional
investors.

 

Artemis will issue 170,000,000 new shares at A$0.015 per share. The issue
price is a 6% discount to the last traded price and a 23% discount to the 15
day Volume Weighted Average Price (VWAP). The Placing Shares being issued
represent approximately 12.22% of the existing issued ordinary share capital
of the Company prior to the Placing.

 

The Company will also issue one free attaching option for every two new shares
(in total 85,000,000 options), with exercise price of A$0.025 and expiry date
3 years from date of issue. The Company will make application to the ASX for
listing of the options.

 

Share issue

 

The Company expects to issue 170,000,000 Ordinary Shares at A$0.015 per share
to raise $2.55 million, utilising the Company's existing shareholder
authorities and placement capacity under ASX listing rules 7.1 and 7.1A.

 

Settlement and dealings

 

Application has been made for the Placing Shares to be admitted to trading on
ASX and AIM ("Admission") and it is expected that Admission will become
effective on or around 7 March 2023. The Placing Shares will rank pari passu
with the Company's existing issued Ordinary Shares.

 

Total Voting Rights

 

Following Admission of the Placing Shares, Artemis will have 1,561,418,371
Ordinary Shares on issue with voting rights attached. Artemis holds no shares
in treasury. The figure of 1,561,418,371, may be used by shareholders in the
Company as the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to their
interest in the Company, under the ASX Listing Rules or the U.K. Financial
Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs").

 

This announcement is authorised for release to the market by the Board of
Directors.

 

For further information on the Company, please visit
www.artemisresources.com.au (http://www.artemisresources.com.au) or contact:

 Artemis Resources Limited

 Mark Potter                                                    via Camarco

 WH Ireland Limited (Nominated Adviser)
 Antonio Bossi / James Bavister (Corporate Finance)             Tel: +44 20 7220 1666

 Cenkos Securities (Broker)
 Neil McDonald / Adam Rae / Pearl Kellie (Corporate Finance)    Tel: +44 20 7894 7000

 Leif Powis (Corporate Broking)                                 Tel: +44 20 7894 7000

 Camarco (Financial PR)
 Gordon Poole / Emily Hall / Rebecca Waterworth                 Email: artemis@camarco.co.uk (mailto:artemis@camarco.co.uk)

 

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.

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