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Saturday, June 13, 2020 - 1:35:36 PM
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Mining News Pro - In connection with its proposed C$190 million acquisition of the Blackwater project from New Gold, Artemis Gold is undertaking a bought deal private placement of 31.5 million subscription receipts priced at C$2.70 each, as well as a non-brokered offering of receipts at the same terms to insiders, to raise gross proceeds of C$155 million.
Artemis will use the proceeds to fund the initial payment of C$140 million for the Blackwater project, with the balance for general corporate purposes. Upon completing this payment, each subscription receipt will be exchanged for one common share of Artemis.
A second installment of C$50 million will be paid to New Gold 12 months following closing of the Blackwater transaction. As part of the deal, New Gold will acquire as much as 9.9% of Artemis’ common shares for C$20 million at the close.
The Blackwater project, located 160 km southwest of Prince George, BC, is a proposed open-pit gold and silver mine with a resource estimate of 1.4 million ounces gold and 8.7 million ounces silver in the measured and indicated category.
Shares in Artemis Gold climbed 1.3% by midday Friday. The Vancouver-based miner has a market capitalization of C$106.6 million.
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https://www.miningnews.ir/En/News/546983
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