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Artemis restructures debt to make way for UK listing

Artemis Resources Ltd. is amending a funding package it secured in November 2018, which will allow the company to advance its plans to list on London Stock Exchange's AIM Market.

The A$5.4 million funding package from a London-based institutional group, Riverfort Global Capital Ltd., currently has an outstanding balance of US$4.7 million.

The company said May 24 it will pay US$500,000 to the lender within 3 days of signing the amendment, which will extend the maturity to Jan. 31, 2020.

The fixed conversion price was cut to 8 Australian cents per share from 21 cents.

In addition to the convertible securities, Artemis will issue 18,652,175 options with an exercise price of 8 cents, expiring in three years.

Artemis Executive Director Ed Mead said the restructuring removed the "potential overhang of our securities and clears the pathway towards the planned AIM listing."