Metal Tiger subscribes for five million new shares in Artemis

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Natural resources investor Metal Tiger has subscribed for five million new ordinary shares in Artemis Resources, it announced on Wednesday, at an issue price of 10 Australian cents per share, for a total consideration of AUD 0.5m (£0.28m).

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The AIM-traded firm said the investment formed part of a capital raise by Artemis of AUD 10m, adding that the placement was met with “strong demand” from institutional investors.

“The use of the proceeds from the capital raising will be to fund exploration drilling at the Paterson and Carlow Castle gold-copper projects in the Pilbara, Western Australia, as well as for general working capital purposes,” the Metal Tiger board said in its statement.

Following completion of the fundraise, Metal Tiger would hold 6,357,305 shares in Artemis, which would represent around 0.5% of the enlarged share capital following the fundraise.

Mark Potter, director and chief investment officer of Metal Tiger, is also non-executive chairman of Artemis Resources, the board noted.

At 1127 BST, shares in Metal Tiger were flat at 27p.