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Artemis Resources raising A$5.9M to clear debt, advance projects

Artemis Resources Ltd. aims to raise A$5.9 million to retire all debt and advance its projects in Western Australia towards the feasibility stage, with settlement anticipated around Oct. 17.

The company said Oct. 15 that it received firm commitments for a capital raise priced at 3.2 cents per share, a 23% discount to its 15-day, volume-weighted average price as of Oct. 9. The offer has received firm commitments from international and Australian institutions, as well as sophisticated investors.

Artemis Resources said it will use proceeds to repay A$4.6 million in convertible notes from Riverfort Global Capital Ltd. and provide A$1.1 million in funds for its key projects in the Telfer and Karratha areas. The company's assets include the Radio Hill nickel-copper processing plant and a 50% interest in the Carlow Castle gold-cobalt-copper project and the Purdy's Reward property.

In March, the company outlined plans to seek a listing on the London Stock Exchange's AIM segment as part of a plan to become a gold producer focused on the Pilbara region. In July, the company agreed to acquire Rincon Resources Ltd. and its South Telfer copper project in Western Australia's Paterson Range.