Metal Tiger invests AUD 0.5m in Artemis Resources
Metal Tiger
9.06p
16:55 30/03/23
Metal Tiger has subscribed for 7,142,857 new ordinary shares in Artemis Resources at a price of seven Australian cents per share, it announced on Friday, for an investment cost of AUD 0.5m (£0.28m).
Financial Services
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FTSE AIM All-Share
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The AIM-traded firm said the Investment formed part of Artemis’ AUD 5.6m fundraise announced overnight.
On completion, Metal Tiger would be interested in 7,142,857 Artemis shares, representing about 0.6% of its then-enlarged issued share capital.
It described Artemis as an ASX-listed natural resource exploration and development company with a current focus on the Paterson and Carlow Castle gold projects in Western Australia.
For the half-year ended 31 December, Artemis reported net assets of AUD 54.17m, and a net loss of AUD 8.05m.
“We are pleased to make this investment in Artemis as it progresses its aggressive exploration plans at Paterson and Carlow Castle,” said Metal Tiger chief executive officer Michael McNeilly.
“Following Metal Tiger’s successful investment in Greatland Gold in 2019, after the discovery of Havieron at Paterson, the Investment provides Metal Tiger with the opportunity to potentially benefit from further new gold discoveries in the highly prospective Paterson region of Western Australia.
“In addition, Artemis has a pre-existing gold-copper-cobalt resource at Carlow Castle and the Radio Hill processing plant, which has the potential to become a standalone mining operation in the future.”
At 0854 BST, shares in Metal Tiger were down 1.82% at 24.3p.