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.