PERTH (miningweekly.com) – Junior Artemis Resources will raise A$12-million through the issue of some 60-million shares, at a price of 20c each, to fund its share of gold exploration in Western Australia.
“These funds will allow Artemis to play a key role in working closely with Novo [Resources] on the 50/50 joint venture (JV) for conglomerate and/or paleo placer gold at Purdy’s Reward and other targets within the mutual JV ground in the Karratha region of Western Australia,” said Artemis executive chairperson David Lenigas.
Artemis and the TSX-listed Novo earlier inked a definitive agreement that would see Novo spend A$2-million on exploration within a two year period, allowing the Canadian company 50% of the gold in conglomerate and/or paleoplacer style mineralisation in Artemis’s tenements.
“We are anticipating that Novo will quickly spend the required A$2-million to earn-in to their 50% of the JV and we are very appreciative of the institutional and professional investor support that allows Artemis to significantly boost its cash reserves so that the company can contribute towards and maintain its 50% interest in this exciting project,” Lenigas said.