Artemis Resources Ltd on Wednesday said it has received firm commitments to raise extra capital through a substantial share placing.

Artemis Resources shares soared by 22% to 1.52 pence in London on Wednesday.

The gold and copper-focused exploration company said it intends to raise approximately A$2.0 million, or around £1.0 million, from institutional and significant investors, following a ‘significantly oversubscribed’ offer ‘well supported’ by its shareholders.

Artemis Resources, which owns projects in Western Australia, will issue 112.8 million shares at A$0.018 each in two equal-sized tranches. It said it will also issue 56.4 million free attaching options, one for every two new shares.

Artemis said the funds will support diamond drilling at its 49% owned Osborne lithium joint venture, and various testing programmes at the Lulu Creek and Greater Carlow gold projects, as well as for general working capital and other corporate purposes.

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