Metal Tiger PLC (LON:MTR), an AIM-quoted natural resources investor, said it acquired a 0.5% stake in Artemis Resources Ltd (ASX:ARV), an Australian gold and copper focused exploration company, after taking part in a capital raising.
Metal Tiger subscribed for 5 mln new shares in Artemis for about A$500,000 (£279,293) as part of a A$10mln capital raise by Artemis. The placement was met with strong demand from institutional investors, said Metal Tiger.
Proceeds from the capital raising will be used to fund exploration drilling at the Paterson and Carlow Castle gold-copper projects in the Pilbara, Western Australia, as well as for general working capital purposes. Paterson is situated adjacent to the world-class Havieron copper-gold discovery.
Mark Potter, director and chief investment officer of Metal Tiger, is the non-executive chairman of Artemis.