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- Pilbara-focused minerals explorer Artemis Resources (ARV) has sold its shares in Novo Resources for $5.78 million
- The company divested its 50 per cent stake the Novo joint venture, within Novo’s greater Karratha Gold Project, netting $6.58 million
- Executive Director Alastair Clayton said the cash would support exploration across the company’s other Pilbara assets and that there would be further non-core project divestments to come
- Meanwhile, Artemis has committed to investing roughly $242,500 (£138,000) in Thor Mining (THR), subject to gaining shareholder approval
- Artemis Chairman Mark Potter is a Non-Executive Director to the company which is also exploring in the Pilbara, at its Ragged Range gold-nickel project
- Shares have been trading 1.37 per cent higher at 7.4 cents
Pilbara-focused minerals explorer Artemis Resources (ARV) has sold its shares in Novo Resources for $5.78 million.
The company undertook a share sale program to sell all its 1.64 million Novo Resources share which it was issued at C$2.04 (~A$2.12) in April 2020.
Artemis managed to achieve an average sale price of C$3.40 (~A$3.40) per share, equivalent to a 66.67 per cent premium to the price it paid in April.
The company also divested its 50 per cent stake the Novo joint venture, located within Novo’s greater Karratha Gold Project in WA, netting $6.58 million.
At the end of the June quarter, Artemis had $412,000 in cash and equivalents and in July completed a $5.6 million capital raise.
According to the company, the funds boost its treasury to over $10 million and will support exploration activities across its West and East Pilbara Projects as Executive Director Alastair Clayton explained.
“We are pleased to have been able to complete these share sales in a structured and responsible manner to yield nearly $5.78m to put back into treasury. This non-dilutive funding will only strengthen our hand as we embark on a particularly busy, multi-program phase of exploration across our Pilbara portfolio.”
The sale is part of the company’s non-core project divestment program which is ongoing.
“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,” added Mr Clayton.
In July, the company also signed an agreement to sell its 80 per cent interest in the Mt Clement Gold Project to joint venture partner Northern Star Resources (NST) $344,000 cash but retain a one per cent net smelter royalty.
In other news, Artemis has committed to investing roughly $242,500 (£138,000) in Thor Mining (THR), subject to gaining shareholder approval.
Thor Mining is seeking to raise approximately $1,875,000 (£1,065,500) via a placement to support various activities including exploration at its Ragged Range gold-nickel project, also located in the Pilbara.
Artemis Chairman Mark Potter is also a Non-Executive Director to Thor Mining.
Shares have been trading 1.37 per cent higher at 7.4 cents at 2:00 pm AEST.
