Artemis Resources Ltd. secured a funding agreement for A$6 million to help fund upgrades and refurbishment of the plant at its Radio Hill nickel-copper-cobalt property in Western Australia.
The company said Dec. 11 that it entered an agreement with a consortium of investors, arranged by Riverfort Global Capital Ltd., comprising the issue of convertible securities.
The A$6 million principal amount matures in 18 months, and the convertible securities have a fixed conversion price of 35.75 cents per share. The investors will also receive 5,439,858 options, exercisable at 45.38 cents per share within three years.
Artemis, which aims to restart processing operations at Radio Hill in July 2018, noted that approximately 250,000 tonnes of premined material is already stockpiled on the run-of-mine ore pad at the site, to be used for feed material during commissioning.
The Radio Hill plant has been on care and maintenance for about nine years, with the plant upgrade to include a new gold circuit to treat ore from the company's Carlow Castle cobalt-gold-copper project and its Silica Hills gold project, part of its Mount Scholl property.
Artemis is sampling the stockpiles to better define nickel, copper and cobalt grades, with results anticipated in January 2018. The company is also assessing the potential for an open pit at the top of the Radio Hill orebody as well as finalizing updated resources for Carlow Castle and planning drililng at Silica Hills.
