Artemis hopes to consolidate shares

PERTH (miningweekly.com) – ASX-listed Artemis Resources is planning a 1-for-20 share consolidation.

The company currently has more than 4.34-billion shares on issue, and the share consolidation will result in a post-consolidation 217.2-million shares on issue, with the structure being more appropriate for the company going forward, as Artemis focused on transforming from an exploration to a development company.

“Although we have seen the company’s share price and liquidity improved significantly over the past few months from the lows of 0.1c a share, having a capital structure of 4.3-billion shares trading under 1c is not seen as ideal or fit for purpose for a fast-growing company like Artemis,” said chairperson David Lenigas.

“The board believes that now is the right time, and in the best interest of old and new shareholders, to consolidate the number of shares on issue to tighten the bid/offer prices spread and attract new shareholders.”

Lenigas said that the consolidation would also bring the company’s capital structure in line with its peers on the ASX.

Shareholders are expected to vote on the share consolidation at the company’s annual general meeting on January 31.