Artemis Resources Ltd (ASX:ARV) interim CEO and director Ed Mead has participated in the recent share purchase plan (SPP), electing to take-up the maximum amount.
Mead purchased $15,000 worth or 483,870 shares to increase his overall holding in the company to 2.48 million shares.
Funds raised will be used to:
- Begin a sub-audio magnetic survey (SAM) of possible extensional targets at Carlow Castle West;
- Complete a heritage survey over Carlow Castle West;
- Begin diamond drilling at Carlow Castle to move the project towards feasibility by increasing the JORC resource classification and continuing metallurgical programs;
- Advance the Armada Project with geochemical sampling;
- Debt reduction, with 30% of the SPP proceeds to reduce debt; and
- Working capital requirements.
READ: Coffee with Samso - Artemis Resources and the Paterson Goldfields
In the recent quarterly, ARV’s non-executive chairman Sheik Maktoum said: “The June quarter was a defining period in which we reassessed exploration and development work across our key projects while successfully restructuring our debt terms, placing Artemis in a better position financially.
“During the period, we released the Ni-Cu Resource at Ruth Well, Novo Resources finalised a Mineralisation Report on Purdy’s Reward, Radio Hill is now fully approved for operation, and we have announced further plans for advancing our Au-Cu-Co project at Carlow Castle.
“We’ve seen increased activity in the Paterson Range by other companies and based on our own exploration at the Armada tenement we now have eleven drill-targets based on our aeromagnetic, gravity and seismic surveys.
“We’ve also realigned our corporate goals and constraints by raising $2.7m through a Share Purchase Plan subsequent to quarter end, and now with a major land acquisition in the Paterson Range through Rincon Resources, we are well placed for a successful 2019 and beyond.”