06/02/2020 - 13:51

Junior explorers raise $6.8m

06/02/2020 - 13:51

Bookmark

Save articles for future reference.

Perth-based explorers Technology Metals and Artemis Resources have each raised $2.1 million through share placements, while South Australian company Twenty Seven Co is seeking to raise $1.6 million to explore its tenements in Western Australia’s Goldfields region.

Twenty Seven Co owns the Rover gold project in Western Australia. Photo: Twenty Seven Co

Perth-based explorers Technology Metals Australia and Artemis Resources have each raised $2.1 million through share placements, while South Australian company Twenty Seven Co is seeking to raise $1.6 million to explore its tenements in Western Australia’s Goldfields region.

Technology Metals said it would use the proceeds raised to develop its open-pit Gabanintha vanadium mine in Meekatharra, which hosts reserves of 18.24 million tonnes.

The company completed a definitive feasibility study for the project in August last year, and is progressing offtake and financing discussions.

Technology Metals issued approximately 19 million shares at 11 cents per share under placement.

Meanwhile, Artemis Resources issued about 85 million shares at 2.5 cents per share.

The company said the proceeds raised would be used to fund drilling programs at its Patersons Central copper-gold and Carlow Castle copper-gold-cobalt projects in the Pilbara.

Twenty Seven Co will use its placement proceeds to finance drilling programs for its wholly owned Rover gold project.

The program is a follow-up on the inaugural drilling last 2019, which discovered shallow high-grade gold at the Creasy gold prospect.

Twenty Seven Co will issue 246 million shares at 0.65 cents per share, as well as 15 million broker options with an exercise price of 1.5 cents each.

Its shares closed down 12.5 per cent to trade at 7 cents per share.

Meanwhile, shares in Technology Metals and Artemis closed up 3.85 per cent to trade at 14 cents and 2.7 cents per share, respectively.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options