Artemis Resources Limited (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to update the market on the pending IPO of GreenTech Metals Limited, which has entered a number of agreements with Artemis related to its bettery-metal related assets.
In Q4 2021, Artemis entered an option agreement with GreenTech for GreenTech to acquire all of Artemis’ interest in the Elysian Project, Ruth Well Project, Nickol River Gold Project and Weerianna Gold Project (“Option Agreement”).
Also in Q4 2021, Artemis entered into two farm-in and joint venture agreements for GreenTech to earn up to 51% interest and establish an unincorporated joint venture in the Osborne Project, and up to 100% interest in the Whundo Project (“Farm-In and JV Agreement”).
If GreenTech earns less than 100% interest in the Whundo Project, an unincorporated joint venture will be established.
GreenTech intends to raise $5m under an initial public offering via a prospectus during Q4 2021 and use the funds to pursue an exploration programme. Upon admission to the Official List and completion of the Option Agreement, Artemis will have an interest in 14.84% of the fully paid ordinary shares in the capital of GreenTech.