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- Artemis Resources (ARV) executes an agreement to sell its 70 per cent interest in the Munni Munni Project to AIM-listed Alien Metals for $4.9 million
- Alien is currently in the process of completing a transaction to acquire the 30 per cent not held by Artemis from Platina Resources (PGM)
- The $4.9 million consists of a cash payment of $250,000 and the issue of $4.65 million worth of fully-paid ordinary shares to Artemis
- Completion is subject to a number of conditions including completion of technical, financial and legal due diligence within 21 days of the date of execution
- Artemis is up 2.82 per cent on the market with shares trading at 7.3 cents
Artemis Resources (ARV) has executed an agreement to sell its 70 per cent interest in the Munni Munni Project to AIM-listed Alien Metals for $4.9 million.
Alien is currently in the process of completing a transaction to acquire the 30 per cent not held by Artemis from Platina Resources (PGM).
The Munni Munni Platinum Group Element (PGE) Project lies roughly 40 kilometres south of Karratha in Western Australia.
It covers a total area of 75.9 square kilometres and consists of four mining licences and one exploration licence.
Additionally, it is adjacent to Alien’s Elizabeth Hill Project which hosts potential for further silver, copper, nickel and PGE mineralisation.
The $4.9 million consists of a cash payment of $250,000 and the issue of $4.65 million worth of fully-paid ordinary shares to Artemis.
Completion is subject to a number of conditions including completion of technical, financial and legal due diligence within 21 days of the date of execution.
Necessary regulatory approvals and third-party consent must also be obtained.
Executive Director Alastair Clayton said the company is pleased with the agreement.
“This transaction will, over time, provide a significant injection of liquidity to Artemis to assist funding our exploration programmes at the Paterson Central and Carlow gold and copper projects and maintain our Radio Hill processing facility,” Mr Clayton said.
“Alien are committed to aggressively exploring for more resources and driving the Munni Munni Project forward in a way that we couldn’t given our commitments elsewhere.”
Artemis was up 2.82 per cent on the market, with shares trading at 7.3 cents at 12:11 pm AEDT.
