Artemis Resources Limited (ASX:ARV) Secures A$4M for Karratha Gold Drilling

Capital Raising Details

Artemis Resources Limited (ASX:ARV) has secured firm commitments to raise A$4 million at $0.007 per share from institutional and sophisticated investors. This capital raising is heavily oversubscribed, reflecting strong support from existing shareholders and new investors.

Drilling Plans

The funds will primarily finance drilling at multiple targets across the Karratha Gold Project, scheduled to commence in early 2025. Executive Director George Ventouras expressed his satisfaction with the backing: “We are pleased to have received strong support from shareholders and new investors. This raise will enable the drilling of high priority exploration targets which were refined following extensive groundwork in 2024.”

Planned Exploration Activities

The A$4 million will be allocated to various exploration activities across the project, including drill-testing extensions at the Carlow deposit, investigating a significant electromagnetic anomaly at Marillion, and follow-up exploration at Lulu Creek. Additionally, regulatory requirements are in progress for drilling activities at the Titan and Europa targets.

Artemis will issue a total of 571,428,571 new shares in two tranches and will also provide broker options to facilitate ongoing exploration efforts.

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Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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