The trading halt will remain in place until the beginning of normal trade on Wednesday, January 29, 2020, or when an announcement is released to the market, whichever occurs earliest.
In an application to the ASX for the halt, Artemis said it was "undertaking a bookbuild in relation to a capital raising".
Artemis shares last traded at 2.8 cents and this month have traded in the range of 2.5 cents to 2.9 cents. The company has a market cap of approximately $23.5 million.
Seven targets identified
In December 2019, the company identified seven high priority targets within the Armada prospect adjacent to the Havieron discovery in the Paterson Range of WA’s East Pilbara region.
Drilling has been approved on the targets, subject to heritage surveys, with the Kzinti, Bandi and Bolian targets sitting immediately to the north of Havieron.
New step-out drilling by Newcrest appears likely to elevate the prospectivity of Artemis’ Kzinti target, just 1.2 kilometres to the north.
That company now has six drill rigs on site at Havieron and continues to drill towards Artemis’ tenement boundary.