PERTH - Artemis Resources Limited (ASX/AIM:ARV), a resource exploration company, has announced the successful completion of the first tranche of its oversubscribed $4 million placement, securing $2.09 million. This funding will primarily support the Karratha Gold Project drilling program set to commence in early 2025.
The company released 287 million shares to professional and sophisticated investors as part of this tranche. An Extraordinary General Meeting (EGM) is scheduled to seek approval for the second tranche and the participation of incoming director Julian Hanna in the capital raise.
The Karratha Gold Project, located in Western Australia, includes several priority targets identified for drilling, such as the large Marillion electro-magnetic (EM) anomaly and the potential high-grade extensions to the Carlow resource. Initial drilling at the Titan gold prospect is also planned, pending heritage clearance.
The company's focus is on exploring its extensive tenement package in the West Pilbara region, which has been lightly explored to date. Artemis aims to identify all gold zones within the area, building upon the initial Mineral Resource at Carlow.
The EGM for the approval of Tranche Two is expected to be held on or around February 6, 2025, with shareholder notices to be distributed shortly after January 6, 2025.
Artemis Resources, with a portfolio that includes the Karratha Lithium Project and the Paterson Central Gold/Copper project, continues to advance its exploration programs across its gold, copper, and lithium projects.
This news is based on a press release statement from Artemis Resources Limited and does not constitute an endorsement of the company or its projects.
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