- Artemis Resources (ARV) has executed a binding term sheet with Novo Resources to sell its interest in the Purdy’s Reward and 47K Patch gold projects
- Artemis holds a 70 per cent interest 47K Patch and a 50:50 interest in Purdy’s Reward as part of its joint venture with Novo
- Once the transaction is complete, the joint-venture between Artemis and Novo will terminate
- The $4.8 million from this sale will be used for exploration at Artemis’ Carlow Castle Project and geochemistry work at Paterson Central
- Artemis has suffered a hefty drop of 14.3 per cent with shares currently trading for 2.4 cents each
Artemis Resources (ARV) has executed a binding term sheet with Novo Resources for the sale of its interest in two gold projects for $4.8 million.
Artemis will sell its 70 per cent interest in the 47K Patch Gold Project and its 50 per cent interest in Purdy’s Reward to Novo.
On completion of the transaction, the current joint-venture agreement between Artemis and Novo will end.
Artemis will retain 100 per cent of all the projects, other than Purdy’s Reward, that formed part of the joint-venture.
With the assistance of its corporate advisors, Artemis has been evaluating ways to simplify the ownership structure and access rights of its projects.
The transaction with Novo will consist of $820,000 in cash and 1.6 million shares in Novo worth $4 million. However, the shares will be subject to a statutory period of four months.
Cash received from the transaction will be used towards ongoing exploration work at Artemis’ Carlow Castle Project and geochemistry work at Paterson Central.
“The company has been working hard to rationalise the Artemis project portfolio,” Executive Director Alastair Clayton commented.
“While the Novo joint-venture was a key catalyst for the company in driving investment into the Radio Hill plant refurbishment and growing Carlow Castle, this transaction simplifies project ownership, and importantly provides additional capital for delivery on key objectives ay Carlow Castle and Patersons Central,” he added.
Artemis has experienced a hefty drop of 14.3 per cent, with shares trading for 2.4 cents each at 2:56 pm AEDT.