Artemis Resources Signs Novo Share Sale Deal to Bank $20m

Artemis Resources Limited (ASX: ARV) advises that it has signed a Sale and Purchase Agreement (“SPA”) by which Artemis will sell its 4 million Novo Resources Corp. (“Novo”) shares to Canadian mining company, Kirkland Lake Gold Ltd (ASX:KLA, TSE:KL) (“Kirkland Lake Gold”), for total gross proceeds of A$20.7 million, being the Australian dollar (AUD) equivalent of Canadian dollars (CAD) $5.00 per Novo share (using an exchange rate of 1 CAD = 1.04 AUD).

The share sale transaction was arranged on an unsolicited basis. Completion of the share sale transaction will significantly strengthen the Company’s balance sheet and provide significant funds to explore and develop its own conglomerate gold assessmentstrategy and to continue Artemis’sfocus on bringing its broad base metals, cobalt and gold asset base in to production, with no dilution to shareholders

As a condition to completion, Novo shall release Artemis from the contractual 12 month hold period for these shares, which was originally due to expire in August this year. Deal closing is expected by the end of May.


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