West Australian gold explorer Artemis Resources (ASX: ARV) has sold its stake in Novo Resources for net proceeds totalling $5.78 million.
HIGHLIGHTS:
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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.
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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.
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Total sale proceeds from the sale of the 50% stake in the Novo Joint Venture, net of costs, ~A$6.58m.
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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.
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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.”
