Metal Tiger PLC (LON:MTR) has made a fresh investment in Aussie copper-gold explorer Artemis Resources Limited (ASX:ARV), participating a well supported share placing.
The AIM-quoted firm has subscribed for 12.5mln shares in the Artemis placing, which was priced at 6 Australian cents per share. The A$750,000 investment increasing Metal Tiger’s Artemis shareholding to 14.35mln shares, or 1.15% of the company.
Metal Tiger noted that the Artemis funding saw strong demand from institutional investors.
Artemis intends to use the placing proceeds to fund exploration drilling at the Paterson and Carlow Castle gold-copper projects in the Pilbara, Western Australia.
The two companies are connected through Mark Potter, who is Metal Tiger’s chief investment officer and also the non-executive chairman of Artemis.