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Artemis Resources reels in A$5.78 million after completing sale of Novo Resources shares

In July the company completed a A$5.6 million capital raise at $0.07 per share through the issue of 79,992,856 shares to institutions and professional investors.

Artemis Resources Ltd - Artemis Resources completes sales of shares in Novo Resources for A$5.78 million
Artemis has a singular focus on delivering shareholder value from its Pilbara gold projects

Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) has completed a structured share sale program covering all of its 1.64 million shares in Novo Resources Corp (CVE:NVO) (OTCMKTS:NSRPF) with net proceeds of A$5.78 million.

Total sale proceeds from the 50% stake in the Novo Joint Venture are around A$6.58 million net of costs at an average sale price of C$3.40 per share.

This represents a worthwhile investment for Artemis as the four-month escrowed stock was issued to the company in April 2020 at C$2.06 per share.

These funds will further boost the company’s treasury to more than A$10 million and will be used to expand exploration drilling activities across the West and East Pilbara projects during the remainder of 2020.

Embarking on busy phase

Executive director Alastair Clayton said: “We are pleased to have been able to complete these share sales in a structured and responsible manner to yield nearly A$5.78 million to put back into treasury.

“This non-dilutive funding will only strengthen our hand as we embark on a particularly busy, multi-program 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.”

Drilling at Paterson Central

Artemis is planning seven deep drill holes to test the first seven highest-priority targets at its 100%-owned Paterson Central Project in the East Pilbara region of Western Australia.

Advanced interpretation of geophysical signatures from high resolution magnetic and gravity survey data, re-processing and interpretation of 2D seismic reflection data, and ionic leach geochemical and structural targeting, has been used to plan deep diamond drill holes.

Artemis hopes to complete this drilling as soon as practicable and ideally well before the start of the wet season, which typically arrives in late November-early December.

Quick facts: Artemis Resources Ltd

Price: 0.15 AUD

ASX:ARV
Market: ASX
Market Cap: $167.98 m
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