CAPITAL MARKETS

Artemis finds funding for Paterson Province exploration

PILBARA conglomerate gold and cobalt play Artemis Resources has again secured funds from London institutional group RiverFort Global Capital, this time flagging proceeds of A$5.4 million for exploration of the ‘hot’ Paterson Province in Western Australia.

 Artemis now taking exploration aim in the 'hot' Paterson Province

Artemis now taking exploration aim in the 'hot' Paterson Province

Artemis said the funding from RiverFort comprised "convertible securities of US$3.9 million plus an extension of $1.28 million being the balance of convertible securities announced on 11 December 2017".

The new securities convert at A21c, with the US$4.5 million reported back in December converting at A35.75c per share.

Artemis said the convertible note facility is secured over the assets of Fox Radio Hill.

Artemis owns the fully permitted circa-500,000tpa Radio Hill nickel and copper operations and processing plant located 35km south of Karratha, where a refurbishment is underway.

Meanwhile, Artemis has begun an airborne survey on its 600sq.km Armada prospect - an exploration licence application - located in the Paterson Range of WA and said to adjoin the Havieron gold-copper discovery owned by London listed Greatland Gold.

The region has become a hotbed of exploration activity since a speculated big discovery by Rio Tinto and the success of Greatland.

Shares in Artemis were up 7% to 15c in midday trade, capitalising the company at $95 million.

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