Artemis Resources Ltd (ASX:ARV) non-executive chairman Sheikh Maktoum has purchased 1.11 million shares in the company through on-market trades.
The $36,991 purchase increases his overall holding in the company to 11.26 million shares.
Artemis recently successfully raised $5.9 million through a share placement priced at 3.2 cents.
The funds will be used to pay off a $4.6 million convertible note leaving the company debt-free with the remaining $1.1 million for Artemis key projects in the Telfer and Karratha areas of Western Australia.
Upcoming news flow expected
A new JORC resource estimate is due for the Carlow Gold-Copper Project in late October 2019 and Artemis is preparing to drill its Armada Project, also in Western Australia.
Notably, the Armada project surrounding the Havieron discovery (275 metres at 4.77 g/t gold) made by Newcrest Mining (ASX:NCM) and Greatland Gold PLC (LON:GGP).