The transaction, announced last week, entails a C$140-million initial payment and C$50-million 12 months later.

Artemis has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity and BMO Capital Markets in connection with a bought deal private placement financing of an aggregate of 38 900 000 subscription receipts of the company.

The company is also undertaking a nonbrokered private placement of subscription receipts to insiders and to a president’s list on the same terms as the bought deal offering.

The subscription receipts will be issued at a price of C$2.70 each for aggregate gross proceeds from the bought deal offering of C$105.03-million. The company expects to raise gross proceeds of up to C$70-million pursuant to the nonbrokered offering.

The bought deal offering and nonbrokered offering are expected to close on or about July 7.