West Australian gold explorer Artemis Resources Limited (Artemis or the Company) has provided an update on the sale of its stake in Novo Resources.
The Company has confirmed that it has now completed a structured share sale programme covering all of its 1,640,000 shares in Novo Resources with net proceeds of A$5.78 million.
There was an average realised sale price of C$3.40 per share. This 4-month escrowed stock was issued to Artemis in April 2020 at C$2.06 per share.
Total sale proceeds from the sale of the 50 per cent stake in the Novo Joint Venture, net of costs, approximately A$6.58 million.
Funds further boost treasury to over A$10 million and will be used to substantially expand exploration drilling activities across our West and East Pilbara Projects during the remainder of 2020.
Artemis states that it will update shareholders soon on its exploration plans and activities across the Pilbara region.
In commenting on the news, Alastair Clayton, Executive Director said: “We are pleased to have been able to complete these share sales in a structured and responsible manner to yield nearly A$5.78 million to put back into treasury.”
“This non-dilutive funding will only strengthen our hand as we embark on a particularly busy, multi programme phase of exploration across our Pilbara portfolio.”
“We also have additional non-core asset divestments that are expected to close imminently. The Company looks forward to also updating shareholders on these matters in due course,” Clayton added.