Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) intends making a strategic investment in Thor Mining PLC (ASX:THR) (LON:THR) as part of that companys capital raising of UK£1.065 million (~A$1.875 million).
Funds from Thors placement and conditional placement will primarily be used to explore the Ragged Range gold and nickel prospects in the Pilbara region of Western Australia.
Artemis, which has gold exploration and development projects in the Pilbara, will invest £138,000 in Thors conditional placing at 0.6 pence per share, subject to shareholder approval.
Thor director Mark Potter also serves as Artemis chairman.
Metal Tiger investment
The proposed investment by Artemis is in the £323,000 conditional placing with prolific global metals investor and Thors largest shareholder Metal Tiger PLC also taking part to the tune of £150,000, subject to shareholder approval.
Thors broker SI Capital and company directors Mick Billing and Mark McGeough also intend to participate.
The remainder of Thors capital raising has come by way of a £742,50Read More – Source