Business
Artemis Announces Closing of the Acquisition of the Blackwater Project from New Gold
Artemis Announces Closing of the Acquisition of the Blackwater Project from New Gold ...
About this update from Artemis Gold Inc
[{"type":"text","content":"\n\n\n\nArtemis Announces Closing of the Acquisition of the Blackwater Project from New Gold\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, Aug. 24, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ \nAll amounts are in Canadian Dollars unless otherwise noted\nTrading Symbol: TSX-V: ARTG\n VANCOUVER, BC, Aug. 24, 2020 /CNW/ - Artemis Gold Inc. (TSX-V: ARTG) (\"Artemis\" or, the \"Company\") is pleased to announce it has completed the acquisition of the Blackwater Gold Project (\"Blackwater\" or the \"Project\") in central British Columbia (the \"Acquisition\") from New Gold Inc. (\"New Gold\") pursuant to the terms of an asset purchase agreement dated June 9, 2020 with New Gold and BW Gold Ltd. (\"BW\"), a wholly-owned subsidiary of Artemis (the \"Closing\"). Artemis has acquired all of New Gold's property, assets and rights related to the Project and now holds a 100% interest in the Project. The aggregate purchase price for the Project is comprised of (i) an initial payment of $140 million (the \"Initial Payment\"), which has now been paid, (ii) 7,407,407 common shares in the capital of the Company (the \"Consideration Shares\") at a deemed issue price of $2.70 per Consideration Share, which have now been issued to New Gold, (iii) a cash payment of $50 million to be paid one year following Closing (the \"Second Payment\") and (iv) a secured gold stream participation in favor of New Gold as described below. New Gold has a first ranking security interest over the Project until the Second Payment is made, and will thereafter maintain a security interest over the Project in connection with the gold stream agreement (subject to any security to be granted over the Project in respect of future project financing). \nThe Initial Payment was funded through the proceeds of the previously announced \"bought deal\" private placement (\"Bought Deal Offering\") and non-brokered private placement (\"Non-Brokered Offerin...