Artemis to sell 4 million Novo shares | Finance News Network

Artemis to sell 4 million Novo shares

Company News

by Rachael Jones

Mining company Artemis Resources (ASX:ARV) has agreed to sell its 4 million Novo Resources Corp. shares to Canadian mining company, Kirkland Lake Gold.

The total gross proceeds would be $20.7 million.

Completion of the share sale transaction will significantly strengthen the company’s balance sheet and help to continue Artemis’s focus on bringing its broad base metals, cobalt and gold asset base in to production, with no dilution to shareholders.

Artemis’s Executive Chairman says their 50 per cent interest in the exciting Novo/Artemis joint venture in the Karratha area remains unchanged and we are well funded to continue paying our share of JV expenses.

Shares in Artemis Resources (ASX: ARV) are up 2.63 per cent to 20c.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.