West Australian gold explorer Artemis Resources (ASX: ARV) has sold its stake in Novo Resources for net proceeds totalling $5.78 million.
Company confirms it has now completed a structured share sale programme covering all of its 1,640,000 shares in Novo Resources (NVO.TSV) with net proceeds of A$5.78m.
Average realised sale price of C$3.40/share. This 4-month escrowed stock was issued to the Company in April 2020 at C$2.06 per share.
Total sale proceeds from the sale of the 50% stake in the Novo Joint Venture, net of costs, ~A$6.58m.
Funds further boost treasury to over A$10m and will be used to substantially expand exploration drilling activities across our West and East Pilbara Projects during the remainder of 2020.
The Company will update shareholders soon on its exploration plans and activities across the Pilbara region.
Alastair Clayton, Executive Director commented: “We are pleased to have been able to complete these share sales in a structured and responsible manner to yield nearly A$5.78m 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.”