Artemis Resources Ltd (ASX:ARV, OTCQB:ARTTF, AIM:ARV) shares dropped 10% in morning trading after the AIM and ASX-listed firm announced a capital raise.
The company said it has received firm commitments for a placing of 170,000,000 fully paid ordinary shares at A$0.015 per share to raise A$2.55mln before costs.
The company will also issue one free attaching option for every two new shares (in total 85,000,000 options), with an exercise price of A$0.025 and expiry date three years from the date of issue.
The placing price of A$0.015 represents a 6% discount to the last traded ASX price on 24 February 2023 and a 23% discount to the 15-day VWAP. A trading halt on the company's ASX-listed shares has now been lifted.
In London, Artemis shares were down 10.8% at 0.87p.
Artemis also said it is currently undergoing a technical and a corporate strategic review, and exploration activities will resume once completed.