Artemis Resources Limited (ASX:ARV; Frankfurt: ATY; US OTCQB: ARTTF) has announced a binding heads of agreement with AIM-listed Alien Metals (AIM : UFO) to sell Artemis’ 70% joint venture interest in the Munni Munni platinum group metals project in the West Pilbara, Western Australia.
Alien will pay Artemis $4.9 million through the issue of $4.65 million worth of Alien shares and $250,000 cash.
Alien is in the process of acquiring the other 30% of Munni Munni from Platina Resources. By consolidating ownership of Munni Munni, Alien can provide the required bandwidth and expertise to progress the project and Artemis can retain its focus on its Pilbara gold and copper projects while retaining its upside to the project via its shareholding in Alien.
“I am very pleased to report to shareholders that we have entered into this agreement to divest our 70% joint venture interest in the Munni Munni project to Alien Metals, who are already completing on the minority 30% stake in the Munni Munni joint venture owned by Platina Resources,” Artemis executive director Alastair Clayton said
“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. It will also reduce our committed annual expenditure requirements by ~$300,000 per annum.
“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.
“As a major shareholder of Alien, we will benefit from Alien’s success at Munni Munni as well as their outstanding iron ore and silver projects in the region and we wish the Alien team every success.
“Upon completion of this transaction Artemis will draw to a close its structured divestment programme.”