Artemis Resources Ltd. said May 11 that it will sell its 4 million Novo Resources Corp. shares to Kirkland Lake Gold Ltd. for about A$20.7 million. The deal is expected to close by the end of the month.

The per-share consideration is C$5. Artemis said the sale will improve its balance sheet and help fund development efforts for its base metals, cobalt and gold assets.

Novo will release Artemis from the 12-month hold period for the shares, which was originally slated to expire in August.

Artemis and Novo have a 50/50 joint venture on various gold tenements located within 100 kilometers of Karratha in Western Australia, with Novo satisfying a 50% earn-in in late 2017 after signing a definitive agreement in August 2017.

Three joint ventures were formed between Novo subsidiary Karratha Gold Pty. Ltd. and three Artemis subsidiaries, which are managed as one by Karratha Gold.