Pilbara gold punters are begging for a piece of latest Artemis capital raising
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There is no limit to how much cash investors are willing to inject into market darling Artemis Resources.
“Deutsche Balaton AG is an existing institutional shareholder of the company and after careful consideration by the board, we have decided to accommodate their request to participate in the capital raising by increasing the total amount raised to $9 million,” chairman David Lenigas told investors this morning.
“It is important that Artemis has as strong a balance sheet as possible in 2018 in order to fund our 50 per cent interest in the Novo Resources conglomerate gold joint venture.”
Novo is the leader of the hunt to unravel the secrets of gold nuggets found in a previously overlooked layer of rock classed as a conglomerate in the Pilbara region of WA.
Artemis is topping up its cash reserves as it begins a six-month stint to commission and upgrade the Radio Hill treatment plant.
The refurbishment of the 425,000-tonne-per-annum plant is expected to cost $5.25 million.
Artemis is recommissioning the Radio Hill plant to process the conglomerate gold or a paleoplacer resource from the Purdy’s Reward joint venture or Novo’s own tenements, such as Comet Well.
Artemis shares were down 5 per cent at 19c Monday 2pm AEDT.
Artemis has been contacted for further comment.